One mistake many make when estate planning is waiting too long to do it. Not only can this cause additional stress later in life, but taking care of your assets and loved ones is something everyone should do. When planning your estate, ensuring you do so sooner rather than later is crucial. If you’re unsure when to start planning, you’ll want to keep reading to learn more. You’ll also discover how a Woodland Hills, California estate planning attorney can help you navigate the process.
Is It Too Early to Begin Planning Your Estate?
Though you may think a will is only for people over the age of 50, estate planning is vital for those of all ages. It is especially essential if you have children, as your plan can help dictate crucial information about their care. You should create a plan of what you would like to happen should you and your spouse pass away. You can include who you would like to assume legal guardianship of your children as well as leaving money and property for them. This is vital if your children are under 18, as they are not legally adults yet.
You should also create a plan when you open a savings account, own any property, or get married. All these are essential things you should include in a will or trust, so setting an estate plan up as quickly as possible is crucial to providing peace of mind about your property.
What Should I Set Up?
There are two main documents you should create – a will and a trust. However, a will is considered the more important document, as it prevents the state from distributing your assets according to state law as opposed to your wishes. A trust, on the other hand, is generally used for those with many assets and funds, as it gives you more control over your assets. Trusts do not have to endure the probate process, saving your beneficiaries time and money.
You should update your estate plan anytime your wealth is impacted, whether you get a significant raise at work or purchase new property. Similarly, if your assets will be distributed differently due to marriage, divorce, or new children, you should ensure your plan reflects that information.
Do I Need an Attorney?
When estate planning, it may seem as simple as downloading a document from the internet, signing it, and filing it away. However, the process is much more nuanced, so enlisting the help of an experienced attorney is crucial. If you have a large family, plenty of assets, or own a business, among other things, trying to draft a will on your own can be a harrowing experience.
If you’re ready to start estate planning, The Law Offices of Yacoba Ann Feldman can help. Reach out today to connect with a seasoned attorney to secure your future.