People often overlook the importance of thinking about the future, especially when they are young and healthy. However, estate planning is a smart move for adults of virtually all ages and income levels. With plans in place, you can look ahead and know that your interests and the interests of your loved ones are secure.
There is a lot more involved with estate planning than just having a will. While a basic will is a good place to start, it may not be the right type or amount of protection every person needs. Every situation is different, and this is why it is important for someone who is starting from scratch or adjusting existing plans to have the guidance of an experienced legal professional.
College age and young adults
College students and young adults often overlook the importance of estate planning. They may not realize that as an adult, they would benefit from having plans in place that will allow them to have a say over certain things in case of a contingency. They may benefit from a power of attorney for health care, power of attorney for finances and even a will. No matter their age, each person deserves to have a say over what happens to his or her body and assets.
After marriage and kids
Marriage binds the lives and financial interests of two people together. This means that an estate plan should account for this attachment. Each married adult would benefit from powers of attorney, a will, advance directives, updated beneficiaries on accounts and more. These can allow spouses to make important decisions for each other in case of an emergency.
The birth of children also necessitates changes and updates to an estate plan. Parents will want to plan for the care of their kids in case something happens, and they want to be sure their money goes to the right places. The only way to do this is through thoughtful and intentional planning.
You may not think you need an estate plan at this point in your life, but you will be glad you have one if there is an emergency or unexpected situation. If you are unsure of where to begin with this process, you may find it helpful to speak with an experienced New Jersey estate planning attorney about your individual situation and the most appropriate way forward.