More than 50 percent of Americans want to put their affairs in order with a will or estate plan. And it’s no wonder, given the peace of mind that planning your possessions will take care of your family after you’re gone.
It’s not quite that simple, though. Not everyone needs an estate plan, and only certain people have pressing reasons to make one sooner rather than later.
Still on the fence about when should you get an estate plan? Here are a few key estate planning tips you can use to determine when you should have some documents drawn up.
When You’re Young and Single
Have you ever asked yourself the question: when should you get an estate plan? If you’re young and single, you may not have a lot of assets to plan for, but you can still benefit from having a will, health care directive, and other documents in place.
If you become incapacitated, your estate plan can provide guidance on how you want your affairs to be handled.
No one knows what the future holds, so it’s important to prepare. It’s never too early to start planning for your future.
When You Get Married
When you get married, you should start to think about getting an estate plan. This is because you will want to make sure that your spouse is taken care of if something happens to you.
An estate plan can ensure that your spouse is able to access your accounts and make decisions on your behalf if something happens to you.
When You Have Kids
When you have kids, you should get an estate plan. This will ensure that your children are taken care of in the event that something happens to you.
An estate plan will allow you to specify who you want to take care of your children and how you want your assets to be distributed. Without an estate plan, your children could end up in the care of someone you don’t want.
This plan is an important part of being a responsible parent. It can give you peace of mind knowing that you have taken care of your children’s future in the event that something happens to you.
When You Start a Business
An estate plan is important for any business owner, regardless of the size of their business. A well-drafted estate plan can ensure that your business is able to continue operating in the event of your death or incapacitation.
It can also help to minimize the tax burden on your heirs. When you die, your estate will also be responsible for paying off any debts that you owe. It is important that you learn more about how to handle debts and taxes in your estate.
As You Get Older
When you get older, it is important to have an estate plan. This plan will help you to make sure that your assets are distributed according to your wishes.
It can also help to protect your family and loved ones from having to make difficult decisions about your estate. You should have an estate plan in place before you become incapacitated or pass away.
So When Should You Get an Estate Plan?
There is no one-size-fits-all answer to the question: when should you get an estate plan? However, you should consider creating a plan if you have any property or assets that you want to protect.
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