Estate planning is one thing in life where you know it’s significant, but sometimes it can be hard to know when to start. Of course, most people know that you should have life insurance, a solid 401K, a revocable living trust, and other essentials to prepare you for the future and unfortunate circumstances. However, it’s the time frame that often perplexes people, especially if they’re young and healthy.
Many people also mistakenly overlook the importance of an estate plan if they’re not wealthy and living in a mansion. However, an estate includes more than property, although that is a large part of it. It can consist of cars, money, and many valuable assets you’d like your heirs to inherit. Anyone who wants their valuables transferred to their surviving loved ones needs an official estate plan. Let’s delve deeper into more aspects of estate planning and hone in on the bottom line of when you should start one.
Estate Planning: What Does It Include?
An estate plan consists of a will that identifies who you want to receive particular assets, designates your children’s guardian(s), and indicates a personal representative who will oversee the estate plan process. It also includes a power of attorney. This person can make financial decisions if you become incapacitated, pay your bills, manage investments, and complete legal or business decisions on your behalf. A healthcare proxy is another aspect in which you designate someone that you trust entirely to enforce medical decisions if you no longer can. A trust is also another option. With this setup, you can control when and how your assets are distributed and help to reduces or eliminate estate taxes. If you are the parent of a child with special needs, you’ll want to administer a trust to ensure that they don’t miss out on government benefits.
So, When is an Ideal Time to Start?
You probably think that the most obvious answer is that the elderly community should focus on having an official estate plan. After all, an estate plan does help families and caregivers prepare for the end of life, at least from a medical and financial perspective. However, life can be unpredictable. If you started a family, an estate plan is beneficial. If you recently received a medical diagnosis of a degenerative condition, you should begin an estate plan. A look at your family medical history can also be a deciding factor in when you start. You may also want to consider one when you start accruing valuable assets such as homes, businesses, cars, IRA plans, and life insurance policies.
The point to take away is that it’s never too soon to secure a great future for your heirs.
An Estate Plan Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.