Know the Best Time to Start Estate Planning

No one wants to think about their death, but estate planning is an important step to protect yourself and your loved ones. An estate plan can help to ensure that your assets are distributed according to your wishes and can also help to minimize the stress and expense of probate court. So, when should you start estate planning?

When is Estate Planning Necessary?

Estate planning is a process that can be started at any age, but it is especially important for people who have acquired assets or have children. If you own a home, have savings or investments, or have any other property or assets, you should have an estate plan in place to ensure that these are distributed according to your wishes.

If you have children, you will also want to create an estate plan to ensure that they are provided for in the event of your death. An estate plan can also help to minimize the costs of probate court and ensure that your loved ones are not burdened with the financial and emotional stress of settling your estate.

Consider the following life occurrences as signs to start (or update) your Estate Plan: 

• Savings Account

If you have any savings or investments, you should create an estate plan to ensure that these are distributed according to your wishes. An estate plan can also help to minimize the costs of probate court and ensure that your loved ones are not burdened with the financial and emotional stress of settling your estate.

• Homeownership

If you own a home, you should consider creating an estate plan to ensure that your home is distributed according to your wishes upon death.

• Marriage or Remarriage

If you are married or have remarried, you should review your estate plan. An estate plan can be changed to ensure that your assets are distributed according to your wishes after a death or divorce.

• Children

If you have children, you should ensure that you have a will or other estate plan in place so that your assets are distributed according to your wishes, whether through a trust, a will, etc. You should also consider protecting your children with a will if a parent is not available to act as guardian.

• Caregiving

If you are providing care for an elderly or disabled family member, you should make sure that you have an estate plan in place. An estate plan can ensure that the needs of an elderly or disabled family member are taken care of after you are gone.

Preparing an Estate Plan

Start by determining what you own and your wishes regarding your possessions and assets. The first step to creating an estate plan is to organize your assets. Then, you can create an estate plan that specifies who is responsible for what should you pass away and how you want your assets to be distributed.

If you have not yet created an estate plan, we can help you to determine what assets you own, how your assets should be distributed, and who should be responsible for each of the tasks.

The Bottomline

Having an estate plan in place is one way to control your future, and ensure that your loved ones are taken care of and not burdened with the financial and emotional stress of settling your estate.

Have you considered your assets to be distributed according to your wishes if you pass away? Do you know if you have created an estate plan?

Do you need help with estate planning? Estate Planning Lawyers Colorado can help you with your needs, including wills, trusts, probate, and legacy planning. Get in touch with us today.