Estate planning may sound like something only old people consider; however, anyone over the age of 18 years-old has the authority to make important healthcare and financial decisions. The younger you are, the simpler your estate planning will be. As you get older and acquire more assets and dependents, you will need more complicated documents. Here is some information that you need to know about estate planning.
Work With a Lawyer
First, it’s important to understand that you will need to hire the services of a professional lawyer. An estate planning Ponte Vedra lawyer will have the knowledge and resources to assist you with the necessary documents. Hire a professional whom you feel comfortable addressing your concerns and expressing your wishes. While you make the decisions, your attorney creates the required legal documents, helps you avoid costly mistakes and minimizes taxes. Your attorney can also help you adjust your plan as your needs change.
Make Age-Appropriate Plans
Estate planning at the age of 18 looks a lot different than someone who is 70 years-old. Some of the basic documents you will need by age are listed below:
- In your 20s – healthcare directive and power of attorney documents.
- In your 30s – will and trust.
- In your 40s – make sure you have all of the above in place. Also, speak with your parents about their estate planning.
- In your 50s – 70s – working with your lawyer, update and revise your documents to adjust for additional assets, needs, etc.
Consider Hiring a Tax Advisor
In order to maximize what you leave behind to your beneficiaries, decide whether you want to hire a tax advisor. They can help you decide which options are best when it comes to federal taxes.
Estate planning is an important financial plan that is important at any age. Be sure to hire an estate planning lawyer, prepare important documents according to your age and hire a tax advisor to maximize your estate.