When people hear estate planning, the first thing many people think of is a will. A will is one of the most basic documents of an estate plan, but it’s not the only thing that you can include.
There are a few things to keep in mind about estate planning, including:
1. Estate planning is not just for the old
A lot of people wait until they’re older to make an estate plan, but anyone of legal age can and should consider one to make things easier for their loved ones if something happens.
For example, powers of attorney can be included in the estate plans of someone who is young, single and child-free. These documents allow someone to step into the testator’s shoes if they’re incapacitated by illness or an accident and make their medical and financial decisions until the testator either recovers or passes away.
2. An estate plan can (and should) be revised
Many estate plans sit around for years after they’re made. However, people may need to consider updating their estate plans. When an estate plan isn’t updated, then assets may be missed. Many people update their estate plans every few years to include new investments.
There are also events that cause people to want to update their estate plans. For example, someone who was recently married may alter their estate plans to name their spouse as a beneficiary.
It often helps people to learn about their legal options when making estate plans. Experienced guidance can show you how to tailor your estate plans to your needs.
