When Should You Start Thinking about Estate Planning?
If you are even thinking about this question, the answer is probably NOW. You need to start the process of estate planning now. Especially if you have a house and mortgage, children, and other assets, you need to start getting a plan in place.
Among other things, you will want to ensure:
- Your property passes to those you desire;
- Your children will be cared for;
-0 Your estate affairs will be handled.
What has kept you from starting estate planning already? It may be that you think you are too young. You are healthy, and death and incapacitation seem like faraway concepts. You may not think you have the money. And you may not be sure how you want to pass on your assets and answer those other big questions.
But a good reason for beginning estate planning now is that it gives you control over what happens after your death. And knowing that you have provided for your loved ones can give you great peace of mind.
Here are a few things to consider when starting out:
- First and foremost, you need a will. If you don't have a will, the state will decide who gets your property.
- Make a list of your property, how it is titled, the fair market value, and your indebtedness against the property.
- Review your insurance policies and beneficiaries.
- Decide who will raise your children and devise a financial plan to take care of them.
- Create a power of attorney and a medical power of attorney.
- Consider establishing a trust.
- Don't forget to include funeral planning in your estate planning.
Review your estate plan from time to time and make sure it still fits your needs. Most important of all, engage a trusted estate planning attorney who can help you navigate this complicated area.
ABOUT THE AUTHOR: Paul Kraft
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.