Let’s face it. It’s not easy to think about estate planning when you’re young. There are so many other things to worry about (like how to pay for college, filing taxes, or even what to cook the family for dinner.) Despite the daily concerns that seem to run our lives, planning for the future can be very beneficial in ways that you may not realize until later in life.
As such, there are things that everyone can do in each stage of their lives to prepare for the future. This post will highlight a few.
Engaged to be married – People who pledging their lives to each other should have simple wills that let others know how they want their assets distributed. For those who are getting married a second time, a prenuptial agreement may help in protecting assets.
Just married – For those who have just tied the knot, having a basic will, a power of attorney and a healthcare directive enables a new spouse to make decisions if something happens to their new husband or wife.
New parents – Among the many responsibilities that new parents have, maintaining an income in the event something terrible happens is an important one. Because of this, new parents should consider purchasing disability insurance or long term care coverage.
Divorce – Just like stars and celebrities, people fall out of love after falling in love. So when a couple divorces, changing their estate plan is an essential step to protect beneficiaries and ensure proper distribution of assets.
If you have questions about estate planning for your stage of life, an experienced attorney can advise you.