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Many people share the assumption that you only need to start estate planning around the time that you retire. However, this is not what most experts recommend. In fact, there are many reasons why you should begin estate planning long beforehand.
What is an Estate Plan?
First, it is important to understand all components of an estate plan. An estate plan is a collection of official documents that leave instructions for your life and end-of-life wishes.
Details include:
- Your will
- Living trust
- Guardianship instructions
- Healthcare and financial power of attorney
- Your designated beneficiaries
- Medical directives
- Afterlife instructions for your remains and burial
As you can see, an estate plan comprises numerous important documents – not just instructions for after your passing. An estate plan helps you and your loved ones be prepared should you ever become incapacitated or pass away.
Signs It’s Time To Start Estate Planning
You don’t want to delay estate planning, as unforeseen events can happen to anyone at any time. While that can be uncomfortable to think about, you must have a plan in place in case the unexpected happens.
It is recommended that you start estate planning:
- At age 18
- After you purchase your first home
- After you get married
- After you have a child
Additionally, you should be sure to update your estate plan after any major life changes such as having more children, divorce, receiving an inheritance, etc. Even if there are no significant changes, you should still plan to review your estate plan every few years.
Cumming, Georgia Estate Planning Attorneys
At Miles Hansford, LLC, our estate planning attorneys can help you work through the documents of your estate plan to ensure that you are prepared for the future. An estate plan is important for fulfilling your wishes and helping your loved ones who will be able to refer to your estate plan when making important decisions. Our team can help you get started today: call (770) 574-6688.