Taking the time to think about what happens to your assets and belongings after you pass away isn’t always easy. After all, it’s something that nobody wants to think about! However, it’s an important enough topic that you shouldn’t leave it to chance. There are plenty of questions to ask about the estate planning process: how long it will take, what items you should include, and who your belongings should go to are all crucial topics to consider. The most important question to ask about the process is this: when should you start estate planning? We will give you a breakdown below!
When Is It Necessary?
If you’re unfamiliar with the whole process of estate planning, you may be quick to assume that you won’t have to worry about it until later in life. After all, as a young person, you probably don’t have many valuable assets. However, this makes little difference to the timeframe when you should start estate planning. Most financial advisors would recommend starting your estate planning process from the moment you turn 18! Estate planning doesn’t just involve dividing up your assets - a few more components make it a necessary process. If you haven’t started estate planning yet, the second best time is right now!
Other Components of Estate Planning
Estate planning doesn’t just involve wills and trusts! Plenty of other components make it highly recommended practice earlier rather than later. Check out some of the other components of estate planning that make it such a crucial thing to get done!
Power Of Attorney: Let’s say you suffer an injury that leaves you incapacitated. Who is going to be making your medical decisions? Power of attorney designates that privilege to a person of your choosing - whether that be a parent, guardian, spouse, or other family member!
Property Ownership: If you’ve purchased property, whether a condo or a home, you should incorporate that into your estate planning. This topic often arises in probate & family court, so adding this to your plans can significantly decrease the time you spend there.
Beneficiaries: Having the proper beneficiaries for life insurance policies is paramount. It helps to ensure that your family won’t suffer a financial burden after your passing, which is why it’s important to have it in mind.
Estate Planning With Attorney Andrew Bucklin
If you’re looking for a reliable attorney to help you navigate the complexities of estate planning, Attorney Andrew Bucklin is the person to call! Estate planning is one of his greatest specialties, and he’ll use his years of experience and expertise to ensure that every part of the process is accounted for. With information this important, you should only trust the best attorneys to assist you. Contact Attorney Andrew Bucklin today to be connected with one of Massachusetts’s top estate planning attorneys!