Will’s, Estates & Trust
At What Age Do I Need To Start Estate Planning In Hazlet, New Jersey?
Many people feel that estate planning does not apply to them, especially when they are young and haven’t acquired major assets yet. It is easy to become convinced that you don’t really need a wills, estates, and trust attorney or an estate plan at all, until you become much older or acquire more money. This is not the case. All adults should put together an estate plan that fits their family and needs. Your estate planning needs will change at every age, but estate planning will always be required.
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Simply put: Estate Planning is an easy way to save your family from hard times.
We have a natural tendency to procrastinate, especially on matters concerning life after death. However, when it’s time to “cash in your chips,” procrastination quickly manifests itself as a devastating burden for your family.
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Creating a written will spares your loved ones of additional stress, notably in times they are already enduring extreme grief. Services concerning probates and bequests include:
- Estate planning
- Powers of attorney
Estate Planning As A Young Adult
Once you become 18 years old, your parents will no longer have the authority to make your healthcare or financial decisions. It is important, as soon as you become a legal adult, to find a wills, estates, and trust attorney. Your attorney will help you take the first steps toward estate planning to ensure that your healthcare and financial decisions will be protected, in the event that you become incapacitated. This can be accomplished with the following estate planning documents:
- Healthcare Directive: outlines the healthcare decisions that you would make, if you were able to, in case you become incapacitated.
- Power of Attorney: specifies a person who can make decisions for you, if you aren’t able to. There are two different types, healthcare and financial.
Estate Planning After 30
It is very common buy a home and have children between the age of 30 and 40. If you want to protect your assets and family members in Hazlet, NJ, it is vital to visit your wills, estates, and trust attorney to add the following additional documents to your estate plan:
- Will: specifies who you want to inherit each of your assets, who should settle your estate, and who you have chosen to care for any minor children you have.
- Trust: transfers the ownership of certain assets to a trustee, who will manage those assets for your beneficiaries.
Estate Planning After 40
Once you arrive at the age of 40, it is very important to catch up on any essential estate planning documents you haven’t created yet. This is also the phase of life where you should speak to your parents about their estate planning goals. The unfortunate reality is that your parents cannot live forever. You need to understand their wishes while they are still here and able to communicate. Ensure that your parents have prepared all the proper documents needed to distribute their assets, make their medical decisions, and prepare for their long-term care. If your parents have not created or updated their estate planning documents in Hazlet, NJ, be sure to refer them to a respected wills, estates, and trust attorney.
Estate Planning After 50
After you have reached age 50, your estate planning should focus on making sure your wishes stay updated. Any time a new milestone happens, like marriage, divorce, or a new baby, you should promptly visit your wills, estates, and trust attorney.