Over a third of Americans have a Will, but most people do not have any form of estate planning done before they turn 65. Unfortunately, life is not predictable, which means that when a person does not have an estate plan, they are risking their estate and even the guardianship of their children by not doing so.
By performing estate planning, you can plan for how your family, friends, and estate will be handled upon your death. Though a morbid thought, it makes sure that your assets are taken care of after your death. Other reasons you should perform estate planning at some point in your life, and before you turn 65 include:
- Protecting a business if you own one;
- Determining who will be responsible for handling your money;
- Protecting inheritances of your estate;
- Safeguarding your family’s financial security
You do not have to be rich to meet with an estate planning attorney. Since you most likely have some sort of asset, you need to protect it in some way. Estate planning attorneys can look over your estate, your assets and even guardianship issues to let you know what documents your estate actually needs.
When you pick an estate planning attorney, make sure you select one that practices estate planning only – rather than one that specializes in multiple fields. This will ensure you receive advice from an estate planning expert, rather than an attorney who only freelances in the estate planning practice.