Your Go-To Guide for Estate Planning By Age
You might think “Estate Planning By Age” is only for older folks or really rich people. But guess what? It’s important for everyone, at every age. So let’s get into what you should focus on at different stages of your life.
If You’re 18-25: The Early Years
Firstly, if you’re between 18 and 25, you might not have a lot of assets, but you still have choices to make. You can set up a financial power of attorney. This means if you can’t make decisions, someone you trust will do it for you. And let’s not forget a medical power of attorney for health choices.
Ages 26-35: The Family Phase
Next up, the 26 to 35 age group usually sees big changes like marriage and kids. Now it’s really time to start estate planning by age. A Will becomes super important because you can say who will care for your kids if you can’t.
Ages 36-50: Growing and Saving
Moving on, when you’re between 36 and 50, you likely have more property and maybe some savings. A living trust becomes handy here. It helps you manage your stuff and makes it easier for your family later. This way, you’re continuing your estate planning by age in a way that grows with you.
Ages 51-65: Prepping for Retirement
Then, for those in the 51 to 65 bracket, things are getting real. Your kids are older, and you’ve probably saved some money. Now’s the time for another look at your estate planning by age. Update your plans, especially any trusts, to match where you are in life.
Ages 66+: The Golden Years
Lastly, when you hit 66 and beyond, you’ve got to think long-term. Planning for future care costs is key. You can update your power of attorney and maybe even look into benefits like Veterans Benefits or Medi-Cal. Your estate planning by age isn’t complete without this step.
To wrap it up, estate planning isn’t just a one-and-done deal. It’s a lifelong process. So make sure your estate planning by age fits where you are right now. And if you’re not sure how to do it, it’s always a good idea to talk to an expert. After all, it’s about making life easier and better for you and the people you love.