Once you've reached your 50s, it's time to start looking closely at your estate plan. There are many good financial moves to make at this stage of your life. Turning 50 is a great time to address many of these financial needs and concerns because most people are once again empty-nesters and are in the position to begin saving and paying off debt.
Posts tagged "Estate Planning"
If you're just starting to learn about estate planning, you may have many questions. If you're younger, you may not be sure why you need a will or to set up an estate plan. If you're older, you might think the state laws will protect you.
By the time you reach your 40s, you're likely going to be in a position where you need to start thinking about your assets and protecting them for your beneficiaries. You may have children, multiple properties, a large savings or other factors to consider.
If you are fortunate enough to become wealthy during your lifetime, then you need to focus on estate planning early in life. As a family with many assets, estate planning will help you prepare for the future.
If you're young and need to develop an estate plan, it can seem premature. After all, you may have decades to live before you even have to worry about the kind of protections that an estate plan provides.
Everyone has an estate, no matter how big or small. You may believe that it's unnecessary to protect your estate if it's not very large, but that couldn't be further from the truth. People who have loved ones who they'd like to have become their beneficiaries in the future and those who have children who need guardians will all benefit from estate plans.
As someone who is just starting to plan for retirement and older age, you may know that it's time to start your estate planning process, too. The basics of estate planning are relatively simple: Get a will, decide if you want to have a trust, and decide on who you want to be responsible for your estate and health care if you can't make your own decisions.
Even with help, there is a possibility that estate planning can be stressful. It's important to know ways to reduce that stress, though, so you can move forward with the estate-planning process.
One thing that some people may need to handle is restoring a ward's capacity after a period of time where they had to have a guardian. As a guardian, you'll need to pass off the guardianship responsibilities correctly. Failing to do so can result in legal trouble.
Estate planning is talked about as if it's something for older adults to consider, but the reality is that anyone of any age can start planning their estate. Estate plans have several important purposes. Some include: