When you are young, it goes without saying that you don’t spend much time thinking about the future. This includes things such as retirement and death. Instead, you are focused on the here and now.
At some point, all this changes. Once you have “real life” responsibilities, such as a job and family, you begin to think more about the future and what it holds. This often leads to questions regarding estate planning.
When to Get Started
The process of creating an estate plan is not the same for everybody. Some people realize the importance of doing this early in life. Others, however, take a risk and never think about this until they are older.
As a general rule of thumb, look into estate planning once you begin to accumulate assets. For most, this is typically around the time that they obtain their first full-time job. Not only will you begin to save money, but you may also consider purchasing a home. This is also the time when starting a family will be on your mind.
Just as it is never too early to create an estate plan, it is also never too late. If you have overlooked this in the past, don’t wait any longer to take inventory of your situation and speak with those who can help you get on the right track. The longer you wait the more risk you are taking. You don’t want to take the risk of passing on without an estate plan, as this means your assets could end up in the wrong hands.
Do you have estate planning questions? Has the time come to do the right thing? If you are ready to create an estate plan, contact us for help. We have assisted people of all ages in making decisions that benefit them and their family, both now and in the future.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
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