Estate planning isn’t something you do just once, as you approach your twilight years, and then forget. Actually, the best way to approach estate planning is to start early, and continually review and revise your estate plan throughout your life.
But what should you be doing when? How should your estate plan grow and evolve alongside you? Here are a few general benchmarks.
Estate Planning in Your 20s
- Even if you don’t have a lot of physical assets to worry about, it’s wise to have a healthcare power of attorney, a HIPAA release, and an advanced health care directive in place.
- A financial power of attorney will also be useful, should something happen to leave you incapacitated in any way.
Estate Planning in Your 30s
- By the time you’re in your 30s, you’ve probably accumulated some valuable assets, including a home and possibly some savings. Meet with an estate planning attorney to set up a will and trust.
- This is also the best time to buy life insurance.
- Ensure that you have a retirement fund set up, if you haven’t already done so.
- If you have children, ensure that their guardianship is noted in your estate plans.
Estate Planning in Your 40s and 50s
- Consider long-term care insurance before you turn 60.
- Make sure you’re keeping up with your retirement plans meeting with a financial advisor regularly.
- Stay in contact with your estate planning attorney to ensure your wills and trusts are up to date. We recommend an annual review.
Estate Planning When You’re 60+
- By now you should have a clear plan laid out—so just be diligent in meeting with your estate panning lawyer regularly, updating your plan to accommodate changes to your family, your assets, your liabilities, etc.
No matter the stage of life you’re in, an estate planning lawyer can help you navigate these steps. Contact Singh Law Firm to connect with an estate planning attorney today.