When should you start estate planning? Hint: It’s not just once you have a lot of money, assets, or when you’ve reached a certain age. You should start estate planning as soon as possible! Early estate planning can lay an important foundation for more complex estate planning in the future and, in the case of the unexpected, cut down on the potential stress and heartbreak of not having any estate planning taken care of.
“It doesn’t have anything to do with net worth. It has everything to do with taking care of the people you love,” says Meg Muldoon in this article outlining the need to start estate planning sooner than later.
So what happens if you don’t have any estate planning done and something happens, leaving you with a disability and unable to make your own decisions? The state actually has a plan in place for these situations, but you may not be a fan of it. For example, if your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you.
Estate planning is for everyone and you should take advantages of the resources available to you. Learn more about what estate planning entails in one of our previous blog posts here. Always keep in mind that the attorneys at Hillyard, Anderson, & Olsen stand ready to help you with whatever estate planning questions or needs you have.