Under 40? These 5 Estate Planning Tips Are For You

8:52 pm Estate Planning

surprised 150x150 Under 40? These 5 Estate Planning Tips Are For YouIf you are under the age of 40, estate planning is probably not at the top of your “To Do” list, but that doesn’t mean you should ignore it, especially if you are married and have children.  Here are 5 tips for getting started on your estate planning:

Start now.  Regardless of your net worth, you need an estate plan, because estate planning isn’t just about money.  Who would make medical decisions for you if something should happen that makes it impossible for you to speak for yourself?  If you have minor children, who will take care of them if something should happen to you and your spouse?

Have the dreaded “What If” conversation.  Involve your family in the decision-making process about what you want to happen after you die or if you should become disabled.  Making your wishes known while you are still living is a great deterrent to any family disputes.

Do the basics.  Create a will, a living will, assign durable power of attorneys and get some life insurance if you have a spouse and a family.

Get help.  We know you will be tempted to go online for your estate planning documents, but you really shouldn’t.  You need to get professional advice for your individual situation, and you won’t get that from a website.  If your estate planning documents are not drafted properly, you could be leaving your loved ones a big mess.

Review your estate plan over time.  Estate planning is not a “set it and forget it” process.  You may get married, get divorced, have more children or accumulate more wealth and property, and all those things need to be part of your plan.

For the professional assistance you need to create your estate plan, contact our Orange County law firm.

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