An alarming number of Americans do not have any type of estate plan in place. A recent survey cited by the AARP found that six in 10 adults in the United States do not have a will, living trust, or any other basic estate planning documents. Notably, people between the ages of 18 and 50 were especially likely to lack an estate plan.
If you are considering incorporating estate planning into your plans, you may be wondering: How old do you need to be to start estate planning? Is having a will enough? An experienced New York estate planning lawyer may be able to provide valuable assistance in developing a strategy tailored to your specific needs and objectives. In this article, you will find an overview of the most important things to know about when to start the estate planning process.
What is Estate Planning?
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. While it may not be a comfortable thing to think about, estate planning is fundamentally about protection. Among other things, an estate plan should:
● Provide clear, straightforward instructions to your family;
● Prepare property and assets for distribution to your selected beneficiaries; and
● Protect the well-being of you and your family members—no matter what might happen.
As noted above, every adult can benefit from an estate plan. That being said, estate planning is especially important for certain people. It is crucial that you know some of the big signs that suggest it is time to begin the estate planning process.
What is the Difference Between a Will and Estate Planning?
Estate planning is a term used to describe the complex processes involved in protecting and distributing assets after an individual’s death. While a will is an essential part of estate planning, it is not the only document involved. An estate plan is comprehensive and includes legal documents that are effective during an individual’s lifetime, as well as those that only become effective after their death.
Unlike other documents in an estate plan, a will only becomes effective after the individual who created it has passed away. It outlines the distribution of assets to beneficiaries, identifies who will be responsible for managing the estate, and details any specific requests or final wishes the individual may have. However, other legal documents, such as trusts and powers of attorney, are often used in conjunction with a will to ensure the smooth management and distribution of assets before and after an individual’s passing.
If you want to ensure that your assets are distributed according to your wishes, it is critical to seek the legal help of an experienced estate planning lawyer. At Sishodia PLLC, our team of New York estate planning attorneys may be able to help you create a thorough estate plan that provides additional safeguards and benefits for you and your beneficiaries. Call us at (833) 616-4646 to learn more about how we can help.
Three Big Signs That You Need an Estate
1. You are Getting Married
Are you getting married? If so, it is a good time to set up your estate plan if you do not already have one in place. Marriage is a major life event. You can personalize your estate plan to ensure that it is best suited for the unique needs of you and your spouse.
2. You are Having or Adopting a Child
If you and your spouse are having a child or adopting a child, it is imperative that you have a comprehensive estate plan in place. Your estate plan should provide the maximum possible protection to your child—including ensuring that they are properly cared for if you or your partner are not in a position to do so.
3. You are Planning on Buying Property
For most people, real property (real estate) is the most valuable asset that they will own. If you are purchasing a home or any other type of property, is it crucial that you have the right estate plan in place. You will want to make sure that your property and assets are best protected should anything happen.
Get Help from an Estate Planning Professional
Estate planning is complicated, but you do not have to figure everything out on your own. With help from an experienced estate planning attorney, you and your family can find a true sense of peace and security. To find out how an attorney can help you, contact Sishodia PLLC today online or by calling (833) 616-4646.