You may have been considering estate planning for a while now but keep putting it off for another day. Many financial advisors recommend starting your estate plan as early as the age of 18 and making changes and updates every 3-5 years. No matter your age, once you are an adult, you are responsible for your finances and estate planning should be a priority on your to-do list for several reasons.
- Homeownership. Purchasing a house is probably one of the largest purchases you will ever make, and it is vital that it is included in your estate plan in order to avoid lengthy probate court proceedings. Without an estate plan, the courts will often decide who gets your assets, which may cost a lot of money and take years.
- Marriage. When you get married, your spouse becomes your partner in life and your partner financially as well. In the case that something happens to either or both of you, it is critical to document what will become of your assets.
- Children. When each of your children is born, you will want to plan for their guardianship and financial security if anything were to happen to either or both parents.
- Savings Account and Inheritance. You may have been saving money for many years or inherited a large sum of money from a relative. Estate planning documents dictate where the money will go in the event of your death.
- Will Creation. As we get older, most of us start thinking about where we would like our money and personal assets to go when we are gone. A will allows you to appoint a healthcare proxy, choose who will have power of attorney, and indicate how your money and other assets will be distributed.
There is no better time than now to get your estate planning started. If you would like more information, please give us a call at Bennett Guthrie PLLC today!