Estate planning is a heavy concept. It carries with it the understanding that the preparer of the plan and documents will eventually die. For some Baltimore residents, considering their own mortality is too much. But it should not be a permanent bar to preventing a person from creating an end-of-life plan that meets their needs.
Estate planning is not just for the elderly or wealthy. It is for all adults, from college students to retirees. The information contained in this post is applicable to all readers, but no reader should interpret its contents as specific legal guidance. When questions about estate planning come up, they should be directed to trusted attorneys who work in the estate planning field.
Estate planning for young adults
Protecting assets and guarding against taxes may be the last things that college students and young adults want to think about. Some may carry more debt than they have in assets, and death may seem like something that will not happen for decades. However, it is an unfortunate truth that many young people die before their time.
An estate plan for a young person does not have to be extensive. It can contain basic wills and powers of attorney to provide instruction and name parties to make decisions if the individual becomes incapacitated. Individuals can work with attorneys to create estate plans that work for them.
Estate planning with a family
Many individuals begin to think about estate planning once they are married and have kids. They may start to amass some wealth and some may even own their own homes. Protecting what they have and providing instructions for the care of their minor children may be priorities for them. Estate planning at this stage of life can serve both to provide peace of mind and financial security for individuals who are in the process of growing their assets.
Estate planning as a senior
The financial situations of seniors can vary greatly. However, any individual of advanced age should have estate planning documents executed so that there are people prepared to make financial and medical decisions for them if they become incapacitated. Seniors who have estate plans in place may want to revisit their documents to ensure that they are up to date and accurate.
Estate planning can serve the needs of all individuals. There is no reason to wait. Now is a good time to work with an estate planning attorney to prepare an individual estate plan.