Estate Planning Strategy
Despite the importance of an estate plan, a lot of Americans do not have one. In fact, about 57% of consumers do not have one. If you’re preparing to think about estate planning, then there are some different options depending on your current situation. Here is what you should think about, depending on your age, and lifestyle.
Single People Under the Age of 30
For most people in their 20s, an estate plan isn’t essential. If you don’t have many assets and aren’t married with children, you probably don’t have to think about it. However, if you do happen to have a lot of financial wealth, you should consider how you want it distributed if something happens to you.
Parents of Young Children
If you have young children, you need to have an estate planning strategy ASAP. If something happens to you, there has to be a plan in place for your children. Not only does your will determine who receives your property and money, but it also determines who has custody of your children. If something happens to you and the children’s other parent, the court appoints a guardian for you. At the very least, you need to make your wishes clear when it comes to the custody of your children. In addition to a will, you should consider a life insurance policy if you do not already have one.
Middle Aged People With Assets
In middle age, you tend to have more assets than you did when you were younger. You are far more established in your career, you probably own property and other valuable assets. At this point, you do need to take estate planning a lot more seriously. Try to calculate the value of all of your assets before you decide on an estate planning strategy. Also, keep in mind that your assets will change throughout your life and you will have to update your estate plan in five years.
At this point in your life, you may be interested in a living trust. The trust allows you to put your assets in the control of a trustee who will distribute your assets amongst your beneficiaries after you die. The trust ensures that you control who receives an inheritance and how he or she receives it.
If you’re considering an estate plan, set up a consultation with an estate probate lawyer such as Marty Martin Bankruptcy Law as soon as possible. He or she can guide you through the process and determine the best strategy for your lifestyle.