Many people think of estate planning only in terms of what happens when they die. However, estate planning is much more - it’s about planning for all of life’s stages and changes.
Did you know that adults as young as age 18 need estate planning? At a minimum, young adults should have financial and health care powers of attorney in place.
No one knows your child like you do, which is why it is important to plan ahead and communicate your preferences and expectations, to explain the services and support needed to enhance your child’s independence and happiness, and to choose appropriate guardians in the event something should happen to you.
Families of all shapes and sizes benefit from estate planning, and it’s not just about preserving wealth. Planning can instruct others what to do if you are in a diagnosed with a terminal disease or in a disabling car accident.
You’ve worked hard to achieve success on your own terms, and it’s likely that a large portion of your wealth is tied up in your venture. Make sure your business continues to provide for you and your family when you can no longer actively run it by developing a transition plan now.
So you’ve thrown the retirement party and you’re ready to hit the road and see the sights? Don’t put the pedal to the metal without making sure you’ve protected yourself and the nest egg you’ve worked so to save.
ADULTS WITH HEALTH CONCERNS
We all hope we live to a ripe old age, then some day die peacefully in our sleep, snuggled in our own bed. Too often, however, life has other plans. If a health crisis has caught you or a loved one by surprise, know that taking action now can help you preserve assets and prevent costly court intervention.