Estate planning is essential to financial health and too often gets overlooked until it’s deemed immediately necessary. Whether you’re in the prime of your career, have just purchased your first home, or are celebrating the birth of a child, the right time to consider your estate planning options might be sooner than you think. At Quadros, Migl & Crosby, we can help you put a plan in place that meets your needs and work with you as your circumstances change through the milestones in your life, such as marriage, home ownership, having a first child, divorce, or other events.
Establishing a Will or comprehensive estate plan provides numerous advantages, with the most significant being the peace of mind it brings regarding the financial security of your family should you be unable to support them. Tailored to your unique circumstances and requirements, tools such as Last Will and Testaments, trusts, and other estate planning documents can be employed to maintain control over the distribution of your assets, ensuring your loved ones are thoroughly cared for even after you’re gone.
When Should You Begin Your Estate Planning?
Many financial experts suggest initiating an estate plan as soon as you turn 18 and revising it every three to five years. At this age, you become legally responsible for your own finances, healthcare decisions, and powers of attorney. It’s essential to keep these details updated, although it’s normal for estate planning not to be a priority for many young adults.
However, certain life events should prompt a reassessment of your estate plan. No matter your age, consider the following situations as cues to begin or revise your estate planning:
- Starting a Savings Account: When you open a savings account, it’s wise to decide who will inherit these funds if you pass away, ensuring your savings reach your chosen beneficiary or cause.
- Acquiring Property: Buying a home or other property is a significant indicator that it’s time to start planning your estate to avoid complicated legal processes like probate.
- Marriage and Remarriage: As you merge assets with another person, it’s essential to plan for the future, including the possibility of one or both partners passing away.
- Traveling: It’s advisable to update your estate plan before embarking on significant trips, especially if you travel frequently or internationally.
- Birth of Children: The arrival of a child is a major trigger for estate planning, as you’ll need to consider guardianship and financial provisions should something happen to you.
- Receiving an Inheritance: An unexpected inheritance means more assets under your management. Update your estate plan to reflect any new financial gains.
- Divorce: Following a divorce, it’s important to revise any estate plans made during your marriage to reflect your current wishes.
- Addition of Grandchildren or Other Family Members: New additions to the family mean it’s time to review and possibly update your Will or Trusts to ensure new family members are also considered in your plans.
At Quadros, Migl & Crosby, we can assist you in crafting a plan that perfectly suits your unique needs. Whether it’s safeguarding your assets or ensuring the future care of family members with special needs after your passing, we are here to address your estate planning questions and concerns.
Speak With the Estate Planning Lawyers of Quadros, Migl & Crosby
Don’t wait until it’s too late to start thinking about estate planning. Whether you’re just entering adulthood, experiencing significant life changes, or simply looking to ensure your loved ones are taken care of, now is the time to act. A qualified estate planning lawyer at Quadros, Migl & Crosby can provide invaluable guidance, helping you navigate the complexities of wills, trusts, and guardianship appointments to ensure your wishes are honored and your family is protected.
Secure your peace of mind today by contacting us for a consultation at (713) 300-9662 or filling out a contact form.