When many people think of estate planning, they think of a process that only older, well-established people need to worry about. The truth is that it is never too early to start looking at your future. While the estate plan of a 22-year-old just starting out in life will look much different than that of a 70-year-old retiree, it is no less significant. Each stage of life comes with its own estate planning needs and its own set of necessary legal documents. Being aware of your own age-based needs can help you feel secure about your future, whether you belong to Generation Z or the Silent Generation.
Estate Planning at Any Age
Here are the most important estate planning considerations for people of every age:
20s and 30s
When you’re young, you may think that you don’t need an estate plan. After all, you haven’t had a chance to acquire many assets, you may not have started a family, and you plan on living for a long time. The hard truth is that life is full of uncertainty, and it’s never too late to start thinking ahead. Chances are you own more assets than you think and it’s probably a good idea to start considering what you want to happen to them. Drawing up a will is a good idea even at this young age. At the very least, you should fill out healthcare documents, such as a power of attorney, to protect yourself in case of any major medical emergency.
40s and 50s
People in their 40s and 50s are often in a unique position. Sometimes labeled the “Sandwich Generation,” these individuals frequently face a set of unique challenges: looking after their aging parents while raising a family of their own. This can make estate planning particularly difficult, but the most important thing for people in this age group is to make sure their own affairs are in order first. By this age, you should have a will or trust in place, as well as all your healthcare documents and powers of attorney. You will also want to begin thinking about your children’s financial future and ensuring that your parents’ end-of-life care is accounted for.
60s and Older
As you approach and move past retirement age, you’ll need to make sure all your legal documents are updated and in order. You’ve probably gone through many major changes throughout your life and you’ll want to be sure your estate planning documents reflect these changes. Taking an inventory of your life and possessions at this age is particularly important. Make sure your legacy is in order so you can retire with peace of mind. You should also begin thinking about long term care and asset protection planning as well.
Contact Miller Estate and Elder Law
If you have questions about estate planning or any legal documents, do not hesitate to contact the experienced attorneys at Miller Estate and Elder Law. We are here to help you protect your future and secure your legacy—no matter what your age may be. Give us a call at 256-472-1900 or fill out the form below and get started today.