As covered in an earlier blog post, May is Elder Law Month. But for my clients, we focus on estate planning in May. And, yes, whether young or old, we all need some degree of estate planning. How much planning varies by age, income, wealth, and family status. You may think that a young person just starting out would not need estate planning; or that an older person with only a home and a small income wouldn’t either, but that’s not necessarily true.
No matter your age, you need some level of estate planning.
Young folks often recoil at the term estate planning, but in reality, estate planning is actually life planning. For someone young, just starting out, the idea of thinking about death is almost a foreign concept, not to mention a real turnoff. But estate planning is not just about death. By having your estate planning in place, you are expressing your wishes should anything happen to you whether it be disability, incapacity of some sort, or death. Estate planning lets your family, or friends, know exactly what you want to happen in the event you need someone to step in and take care of your finances, make medical decisions, or in a worst-case scenario, your funeral arrangements.
Some folks, young or old, feel that they don’t have enough possessions to need estate planning. Remember, estate planning is not so much about your assets as it is your wishes. Perhaps it’s true that you don’t have a lot of investments. What if you own a home and live on a modest pension or Social Security, but you would like to leave that home to someone special. You definitely need estate planning. Otherwise, the court will decide disposition of assets if you have not named an heir. But keep this in mind, even if you have named an heir in a will, that house will likely have to pass through the court process known as probate. A will on its own does not avoid probate. Using only a will can be a very lengthy, expensive, and public way of passing your possessions to someone. Having the house in a trust will help you avoid the expensive, public, and time-consuming probate process. Simply avoiding probate is something to think about!
Click to start your estate planning journey.
I have something to offer to get you started. This brochure will cover the basics of estate planning and offers you worksheets to organize your thoughts, wishes, and information. Keep in mind this is not your actual estate plan. It’s a guide to kickstart you into action. You’ll need to take this a step further whether you decide to go the DIY route, or to hire an estate planning attorney to prepare your documents. These days you have lots of options and I would be happy to help you narrow your search and identify your needs.
Yes, you need an estate plan. How much is determined by what we have discussed above as far as age, wealth, family status, and to a degree, lifestyle. If you don’t have your estate plan in place, or haven’t done any financial planning click here to start your plan. Hiring a financial planner, especially a CFP®, is a crucial step to financial health and wealth building. Let me help you take that step.
As an independent Certified Financial Planner™, I can help you establish and maintain better financial habits. Contact me and let’s get started! #talktometuesday #education #Hireaplanner #ElderLaw #NationalElderLawMonth #financialsavvy #stressfree #savings #moneyeducation #financialeducation #CFPPro #Senior #EstatePlan #EstatePlanning