When Should You Begin Estate Planning?

The best way to protect your family and ensure that everything you own is properly taken care of should something happen to you is through estate planning.

Now, it can be hard to know when the right time to begin this process is – do you wait until later in life or tackle it in your 20s? Deciding when to begin estate planning can have a major impact on your peace of mind and financial stability. So, before you jump into anything, get informed on what estate planning entails and figure out if now’s the right time for you or not. 

Read on as we explore these questions about estate planning and choosing a lawyer estate planning Miami.

When is the right time to create an estate plan?

As a young, single person, it’s easy to believe that an estate plan is unnecessary since you may not have much to leave others if something happens. But what if something does happen? Are your parents prepared to foot the funeral and burial expenses? Do they know where to find your bank account or access your life insurance policy? 

An estate plan eliminates unnecessary stress in these difficult moments by giving your family detailed instructions on how you would like your assets handled and who should benefit from them. 

It is generally recommended to create an estate plan with the help of an attorney estate planning Miami as soon as you reach the age of majority (18 in most states). At 18, you are now responsible for managing your finances, healthcare, and power of attorney. It’s important to stay on top of these new tasks to ensure that all aspects of your life remain in good standing.

This is because an estate plan is not just for the benefit of the person creating it but also for their loved ones and beneficiaries. 

An estate plan can help ensure that your wishes are carried out and provide clarity for your loved ones if you become incapacitated or pass away. Reviewing and updating your estate plan periodically is also a good idea, particularly after a significant event in your life, such as getting married, having children, or acquiring significant assets. Miami Probate can help you with a well-crafted estate plan, as well as update it when required.

Elements to think about when making an estate plan

Creating a will

No one likes to think about their mortality, but ensuring you have a valid will in place is a simple yet powerful way to ensure your wishes are respected when the time comes. Think of it as protecting the legacy of everything you’ve built over the years. You can be rest assured knowing that you have provided the best terms for those who will remain when you’re gone. 

Inheritance of money or other assets 

Receiving an unexpected inheritance can be like a breath of fresh air in the face of challenging times. An influx of newfound wealth can be a gift, whether it’s money or other valuable assets. It is important to include these items in your estate planning documents.

 An unforeseen inheritance may provide blessed relief and a way to feel financially secure at an uncertain time. Miami Probate can help you secure your valuable assets in the best way.

Nominating a guardian

Naming a guardian for your children is an important part of estate planning. A Miami Probate estate planning attorney can help guide you through the steps needed to ensure your wishes for your child’s caretaker are legally documented and respected if something happens to you. 

It’s important to know that if you already have a will, you’ll need to update it with the guardian’s information. If you still need to complete your estate plan, don’t wait any longer; an experienced attorney can help you complete all the documents necessary to protect your family and provide peace of mind. Get it done today.

Creating a trust

Building trust is important in ensuring that your assets are managed properly and with confidence. Trusts give you more control over how and when these assets will be distributed while you are still alive. It can simplify transferring them to your heirs upon your passing. 

Additionally, setting up a trust can help reduce or avoid additional taxes or fees. So, it is important to research or consult a professional to determine what type of trust suits your needs best. If you want help creating trust, our experienced professionals at Miami Probate (an estate planning law firm Miami) will help you.

Updating your estate plan

Keeping your estate plan up to date is key for ensuring that it will meet your needs if you become incapacitated and when you pass away. It’s especially important to review your estate plan after life changes. It includes marriage or divorce, and major milestones, such as welcoming a new family member or getting an inheritance. 

Suppose you have appointed someone to play a significant role in administering your estate, however, they can no longer fulfill their responsibilities. In that case, it is prudent to revisit your plan. Updating your estate plan regularly can provide peace of mind.

Take action now to begin the estate planning today

At Miami Probate, our estate planning team boasts a high degree of expertise and experience in the field of law. This allows us to take an interdisciplinary approach to wills and estate planning Miami, going beyond simply offering legal advice to getting to know our clients and their families on a personal level. 

With this comprehensive understanding of our client’s needs, we can develop an estate plan that meets those needs in the most effective way possible. We strive to ensure you have the best protection available and ensure all your wishes will be honored when the time comes for decisions to be made regarding your affairs after death or incapacitation. 

Don’t hesitate any longer- if you’re ready to start creating your personalized estate plan or have general questions, get in touch with us now!

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