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When Should You Start an Estate Plan?

Creating an estate plan is essential to offer you peace of mind about your family’s future. You can protect your assets and ensure you provide for your loved ones after you pass away. Estate planning isn’t only for people who are older or terminally ill. You can establish a comprehensive estate plan at any age.

Create an Estate Plan Now

It’s always the right time to start estate planning. Whether you’re an older professional with children or a recent college graduate with minimal to no assets, establishing an estate plan can offer various benefits.

A common misconception about estate planning is it’s unnecessary if you’re young and single or don’t have high-value assets. However, estate planning isn’t only about giving your belongings to someone else when you die.

You can set aside money for your burial and funeral to relieve your family of that financial burden. You can also outline instructions for end-of-life care if you’re in a traumatic accident and advise whether you want extraordinary measures to keep you alive.

Estate planning directs your property to specific people named in your will if death or the unexpected happens. Common property people leave behind includes:

  • Personal items
  • Bank and savings accounts
  • Apartment or house
  • Vehicles
  • Life insurance policy
  • Other financial accounts

Individuals with high-value assets often consider estate planning to safeguard what they own but might not get around to it. Accidents happen every day, and putting off something that can be a valuable tool in securing your family’s financial future is risky. If you die without a will, your loved ones must deal with a complicated legal battle to gain access to the assets they could have received more quickly and easily if you planned properly.

Why Modifying Your Estate Plan Is Beneficial

Delaying creating an estate plan is common because many people assume their life circumstances don’t require it. They might wait for a significant event before considering protecting their assets.

Although estate planning is critical in the moments that change your life, family dynamics, and health, establishing the appropriate legal documents before that happens is crucial.

However, estate planning isn’t a one-time responsibility. You must make changes frequently to ensure everything is up to date. Common circumstances requiring a modified estate plan include:

  • A beneficiary’s death
  • Marriage or divorce
  • Adding another child to the family
  • Buying or selling a home
  • Entering retirement age
  • Starting a new job
  • Acquiring a new asset

Contact an Experienced Estate Planning Lawyer Today

At The Law Offices of Stephanie Hon, our legal team has experience creating and modifying estate plans for our clients in Cedar Park, TX. We don’t use a one size fits all approach. We will review your situation and determine the correct method to meet your unique needs. You can count on us to provide personalized service and guide you through the complex process of crafting the estate plan that’s right for you.

If you’re considering creating or updating an estate plan, call us at 512-888-9378 today for your free 15-minute initial call.

Stephanie Hon

Author
My goal is to be your trusted advisor who helps you make the very best personal, financial and legal decisions for you and your family throughout your lifetime.

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Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.