What Is The Right Time To Begin Estate Planning?
When Should Someone Begin Planning For Retirement?
You should begin planning for retirement the first time you enter the workforce as an adult. That is because the earlier that you start putting away assets and accumulating wealth, the more secure you are going to be by the time you can retire.
When Do Most People Actually Begin Planning For Retirement Especially With Their Estate Planning?
Most people do not really start planning for their retirement in legal terms like estate planning, until generally they are middle-aged or beyond. That seems to be, because until they have started to accumulate some net worth and they have gotten past the earlier years where they do not recognize their own mortality, they do not really begin to do that planning until they are at a stage of life when they realize they are not going to be here forever.
If Someone Says “I had my estate plan when I was younger. I set a few things up.” Should That Be Good Enough?
It is not good enough for you. It is important to do your estate planning when you are young even though younger people do not do so. It is important for people who have small children and spouses to put planning into place to make sure that if something unexpectedly does happen to them, then their families are protected.
However, just doing an estate plan when you are in your thirties with young children will not accomplish any of the goals that you are going to want for estate planning when you are in your fifties and sixties and your children are grown and they have children of their own. That is because all of the choices you have made in planning and in people to watch over things when you are in your thirties are most likely not going to be applicable to what suits you best when you reach your senior years.
Is Estate Planning A One-time Thing?
Estate planning should not just be a onetime thing that a person does and never comes back to, because overtime, everything changes. If you did something twenty or thirty years ago, as time and technology changes, the way life works also changes. Laws change, and the terminology also changes. A person’s assets change, a person’s family changes, their goals and objectives change. The laws change and the world changes. So, with changes that occur in assets, family, the world and technology, estate planning should be an ongoing exercise over a person’s lifetime, so that wherever they are in life, they have their affairs situated so that they, their loved ones and their legacies, are going to be protected.
If you are not sure What Is the Right Time to Begin Estate Planning, call the estate planning law firm, Estate Plan Strategies LLC, to talk with Attorney Steven B. Spewak for a FREE Initial Consultation at (314) 542-2210 and get the information and legal answers you’re seeking.
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