When Should I Start Estate Planning in Monmouth County?
The short answer: right now!
Estate planning is often thought of as end-of-life planning—but that's not really the case. From the moment you become a legal adult, you need an estate plan. Estate plans include your last will and testament, yes, but they also include so many directives and legal protections for when you are still living. Veitengruber Law is an experienced estate planning attorney in Monmouth County. We work with clients at all life stages to protect their interests and establish their legacy. Here are some ways we can help you plan for the future at any life stage.
1. Legal Adulthood
From the moment you turn 18, you are a legal adult. This comes with new privileges but also a lot more responsibility. You are now legally responsible for your finances and power of attorney. Even if you do not have many assets to protect, establishing an estate plan from the beginning will help you ensure that your wishes for your life are legally protected. An estate plan will help you designate beneficiaries for any accounts you have, determine who you want to be in charge of your legal and financial affairs if you become permanently or temporarily incapacitated, and who you want to make medical decisions for you if you are unable. Regardless of how old you are, you deserve to have your wishes legally protected.
2. Homeownership
Once you are a legal homeowner, you will need to either revise your estate plan or seriously consider establishing one. Purchasing a home is likely one of the biggest investments you will make. Protecting this major asset is critical for the well-being of your investment, as well as the well-being of any loved ones sharing your home. An estate plan can help you plan for what should happen to your home once you are gone.
3. Marriage and Children
If you are married or have children, you must seriously consider establishing a robust estate plan to protect your assets and your family. Combining assets during marriage is a crucial time in the estate planning process. You need to determine what assets you will own independently and jointly and what happens to those assets in the event of one or both spouse's deaths. This is especially important after the birth of your first child and every subsequent birth thereafter. In fact, most people begin to seriously consider estate planning as they determine the guardianship rights of underaged children. However, even for adult children, establishing clear inheritance designations is in the best interest of all parties involved. You will need to revise your estate plan as you have more children or even grandchildren.
4. Divorce and Loss
As the people in your life change, so should your estate plan. If you go through a divorce or lose a spouse or other beneficiary, your estate plan will need to be updated. Any changes should be made promptly to accurately reflect your current wishes and desires.
Estate planning can seem intimidating. Few people want to think about what will happen to their loved ones and assets if the worst should happen. But the sooner you have an estate plan in place, the better you will be able to protect the people and things you care about. Veitengruber Law can help you protect yourself, your assets, and your loved ones.