We don't know what the future holds. But when the inevitable strikes, it is a comfort to know you made the proper arrangements to secure your loved one's future. In all the most critical stages of your life, an estate plan is absolutely necessary. Below is an overview of what's involved in planning your estate for critical stages of your life.
Planning for Singles
Estate planning for singles is equally as important as it is for married couples. In fact, preparing for your future is arguably more complicated when you're single because you must take into account that without a partner you are placing very important decisions about the disposal of your assets, medical decisions, and more in someone else's hands and trusting them to follow your orders.
Planning for Married Couples
You may assume that once you're married, you no longer need clear directions about who makes medical and financial decisions for you once you no longer can, or who will distribute and receive your assets. But when it comes to your health and other critical aspects of your life, you need to be sure. Once you're married, you should make certain you have all the essential estate planning documents prepared.
Planning for Minor Children
Most parents want to make sure their children are provided for in the event something happens to them. You can have the best intentions for your children, but with poor planning or no planning at all, you won't get the results you want. You leave detailed instructions for the babysitter for short absences. You need to leave even more detailed instructions in the unfortunate event of your permanent absence.
Planning for Blended Families
As the number of remarriages steadily rises, people are starting to realize how difficult it is to plan a proper estate with a blended family. These days, many families include children, stepchildren, former spouses, and in-laws. To figure out how to divide your assets without leaving anyone out, contact Cumberland Legacy Law. Of course, if you do want to intentionally disinherit a wayward relative, we can help with that as well.
Planning During Peak Earning Years
If you're between the ages of 40 and 55, research shows that you're in your peak earning years. It's likely you have some expensive obligations to tend to, like an adult college-bound child or aging parents or both. Nevertheless, this would be the ideal time to create or revisit your estate plan to make sure the people you care about most are taken care of.
Planning When Nearing Retirement
Estate planning is especially essential for individuals who are nearing retirement. You're getting older and need to ensure more so than ever before that your estate is in order. In the event something happens and/or your health fails you, you need to be prepared, so now is the time -- if you have not yet done so - to consider things like retirement options, long-term care options, and end of life matters.
Planning for Reintroduction into Single Life
Whether you're widowed or divorced, there are a lot of things that change about your life when you become newly single. Your estate plan should definitely be one of them.
Planning for Retirement
Retirement is a milestone; it is a time you want to enjoy and not stress over finances and long-term care. Making sure you adequately plan for retirement and have your estate plan up-to-date will help make sure you are able to enjoy retirement.