Too many people feel as though estate planning is something that they can put off until later, but the fact is that estate planning is relevant to adults of all ages. Even if you are still in the early stages of your career and have not yet acquired a significant store of assets, you should have a rudimentary estate plan in place that includes life insurance, your final wishes, and advance health care directives. But when you get married and you have someone depending on your income, an estate plan becomes all the more important.
And then as life continues to change updates to your estate plan are going to be consistently necessary. When you have children you take on an added layer of responsibility and your plan must reflect this. You must be certain that you have life insurance that is sufficient to replace your income for the long haul. Plus, the matter of child guardianship should you and your spouse be involved in a fatal accident together is another important matter that must be addressed. When you reach this point in your life it would probably be a good idea to create a long-term financial plan as well that includes funding the education of your children and your own retirement.
Divorce is very common in the United States at present, with upwards of half of all marriages ending in divorce. Divorce is another life-changing event that calls for an estate plan revision as it is likely that you will want to change some of your beneficiaries and make other alterations. If you should get remarried this too is an event that warrants an update to your estate plan as you endeavor to provide appropriately for your new blended family.
Because estate planning is an ongoing process that unfolds over the years as your life changes, it is a good idea to identify an estate planning attorney that you have a good rapport with early on. He or she will gain an understanding of your situation and be fully equipped to make the appropriate adjustments when they become necessary.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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