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The many stages of estate planning

by | May 7, 2013 | Heirs & Beneficiaries |

Estate planning is not a popular topic for a number of reasons. To most it is simply a morbid topic that they don’t want to approach. To others it may not be appropriate because they are not independently wealthy or have little (if anything) to leave behind. Yet others believe that they simply have not reached the age where estate planning is important.

Nevertheless, a true (and comprehensive) estate plan is more than just setting aside assets. It is about continuing steps to create a legacy. With that said, there are many stages in a person’s life where estate planning efforts can be made. 

A new engagement – In addition to planning a wedding, newly engaged couples can take time to think about their futures from a retirement aspect (i.e. how they want to live their golden years) and how their new spouse should make decisions should a calamity arise.

Newlyweds – Couples who have just married should think about drafting documents such as a will, a health care directive and a power of attorney to make sure a spouse can make decisions in the event of an emergency.

Aging parents – As parents get older, it is important to know who may make decisions for them if they cannot do so on their own. This may include being a representative payee or listed as a decisionmaker on a healthcare directive.

If you have questions about what you should be doing at your particular stage of life, an experienced attorney can help

Source: Bankrate.com, 8 stages of estate planning