Estate planning may sound like a process best saved for later in life. For many, estate planning may seem like a confusing process bound to create friction in their current relationships as they determine their last wishes. However, it doesn’t have to be that way. Our estate planning attorneys at Embry Family Law P.C. share why beginning early can benefit you during your estate planning journey.
Start Early and Adjust As Needed
One of the best things you can do for yourself and your legacy is to begin estate planning with an attorney early. While you will likely accumulate assets and wealth throughout the course of your life, starting young, which can be as early as the age of 18, can help you simplify the process.
You should begin meeting with an estate planning attorney when you:
- Have acquired property, such as a home, real estate, or other valuable assets,
- Open savings accounts,
- Marry, remarry, or divorce a spouse,
- Have children, to help establish guardianship and custody plans in the event of your passing, or
- Inherit money or property from the passing of a relative or other individual.
After the establishment of a will, trusts, or other estate planning tools, you can opt to review them every few years with your estate planning attorney. You can edit your estate planning documents at these reviews to include new assets or reflect large changes in your life.
Benefits of Beginning Estate Planning While Young
While you are not obligated to begin estate planning once you become a legal adult, beginning the estate planning process when young may benefit you.
Common benefits of starting the process early can include:
- Not feeling overwhelmed as you prepare your final wishes,
- Having the time to prepare your legacy as you please,
- Protecting your children in the event of death or another unforeseeable event,
- Protecting your final wishes as they are outlined for your beneficiaries, and
- Help you plan for future property or other asset acquisitions.
You may find other benefits of beginning the estate planning process early, especially if you begin before marriage and wish to include your spouse in your estate planning efforts. Having a base that you can review and add to periodically can help you manage your estate mindfully.
Begin Planning Today
Estate planning may feel confusing, especially if you are beginning the process for the first time. Our estate planning attorneys at Embry Family Law P.C. are here to support you as you review your estate and begin protecting your legacy.
If you or a loved one is planning on beginning the process soon, schedule a consultation with one of our estate planning attorneys to learn more about how we can support you by helping you protect your legacy.