Estate planning is important at any age. The importance of a well-considered and executed estate plan only continues to grow as a person ages, accumulates assets, and begins a family. A recent article discusses several estate planning tips for those under the age of 40.
- Start Now: If you haven’t started estate planning, begin today. Often, people put off estate planning because they say, “Well, I don’t have a lot of assets, therefore I don’t need an estate plan.” However, estate planning includes several aspects, including health care directives, which are important regardless of a person’s wealth.
- Discuss “What if” With Friends and Family: It is important to begin estate planning with a clear idea of what you want and need. If you have children, for example, discuss what would happen with them should you be unable to raise them.
- Utilize Estate Planning Professionals: If you have the resources, it is important to consult a team of professionals when drafting your estate plan. Depending on the size of your family and the complexity of your estate, you may wish to consult an estate planning attorney, an accountant, and a wealth management advisor.
- Continuously Review Your Plan: Life is constantly changing. It is important to update your estate plan to account for these changes.
For assistance in beginning your estate plan, contact us at (626) 696-3145.
