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Why estate planning is important for all stages of life

On Behalf of | Sep 3, 2020 | Estate Planning

While estate planning is typically seen as a task for older individuals, California residents at any stage of adulthood can benefit from getting their affairs in order. Without a will, the person’s estate will be divided up by the court in the case of their death. Having a will and other documentation ensures that the person’s assets will be divided up according to their wishes.

Young adults without children should find estate planning to be fairly easily as they, probably, don’t have a large estate at this point in their life. However, they should still prepare the necessary documents in case of death or incapacitation. Once they have children, estate planning becomes even more important as they need to prepare documents that nominate a guardian for their children in the case of death. Without it, the court would decide who gets custody of their dependents.

Later in life, when their children have grown and left the household, many individuals have accumulated a sizable estate. By this point, they should be figuring out how to divide their assets and pass their inheritance along to their children. Near the end of their lives, individuals should start making plans for long-term care and any medical situations that might arise.

Where to go for help with estate planning

No matter what stage of life they’re in, individuals might find it beneficial to speak with an attorney about estate planning. An attorney might be able to help them assess their estate, figure out what kind of documentation they need, and write a will that dictates how they want their inheritance to be passed on to family members. An attorney might also be able to help them choose a guardian for their dependents, establish a trust for a family member, and deal with other unique situations.

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