No one wants to be preoccupied with unpleasant circumstances, so one way to achieve peace of mind about your future and the security of your loved ones is with a comprehensive estate plan. This eliminates any potential “what ifs” and provides a sense of certainty that you’ve worked hard to put things in order. 

Our estate planning attorneys have considered different planning tools we feel benefit our clients the most at various stages of life. Take a moment to review them and use them as discussion points with your partner, children, and other family members. 

Planning Ahead for Loved Ones

Thoughtful planning about what you need now compared to what you might require 25 years from now only comes from the right education. Here are brief examples of what to consider. 

Starting Out: Newlyweds and Young Parents

It might seem that there’s no reason to think about wills, trusts, and other estate planning documents when you’re young and building a family and a portfolio of assets. In reality, this is the perfect time to establish a foundation for future goals. For example:

  • Newlyweds can refine their financial goals by thinking ahead through estate planning to determine future growth in their relationship and establish asset stability together. 
  • Although young parents don’t want to consider the worst possible scenario of their death, they can use a will to solidify guardianship for their minor children and secure the management of their inheritance. 

Changes at Midlife

Planning ahead for loved ones takes a different turn after you’ve achieved a certain level of success in your personal and professional life. You might have more wealth to share with loved ones, so an estate planning attorney might recommend talking with your tax advisor about sharing annual monetary gifts with them. 

It might also be important to think ahead about asset protection in the form of various types of trusts, and explore options for long-term care planning so you’re prepared to take the next steps. 

What Older Adults Should Consider

At a certain point, assuring that you and your estate are efficiently cared for becomes a major priority. Although you can arrange to develop a power of attorney at any time in your lifetime, it becomes especially important now to arrange for an agent who can oversee your health and other affairs in the event of disability. This assures you can dictate your wishes for both long-term care and management of your estate while you’re of sound mind and body. 

If tools such as revocable and irrevocable trusts haven’t been part of your strategic plan so far, your attorney might present their benefits to you again to ensure asset security for your family after your death. These are perfect companions to an updated will and other components of your purposeful estate management blueprint.

No matter where you are in life, you have an estate worth protecting. Consult a skilled attorney who’s not only experienced with estate planning but also elder law so you have recommendations you can trust.