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Estate planning is not just for the elderly. It’s important for everyone to have a plan in place in case of an unexpected death or disability. If you’re in your 30s and don’t have an estate plan, now is the time to get one. Here’s why:

You’re Not Too Young to Start Thinking About Estate Planning

As life progresses, it is important to take proactive steps to secure yourself and your loved ones from unforeseen events. Even young adults who may not anticipate a major life event, such as death or disability, should consider estate planning now as a form of insurance. Estate planning involves more than just deciding what will happen to your money after you pass away; it includes deciding how you would like your financial and medical affairs handled in the event of incapacity, such as an illness or injury.

What’s more, beginning an estate plan in your youth can provide peace of mind and ensure that the decisions you make today are respected when the time comes. Taking this first step toward protection and stability can mean the difference between leaving loved ones with security and burdening them with financial instability. Put simply, estate planning is something no person should leave for later days – no matter how young they are.

What is Estate Planning, and Why is it Important?

Estate planning is a critical step for those looking to secure their financial future and the financial futures of their loved ones. As part of this process, individuals review real estate, investments, bank accounts, life insurance policies, and other assets that will need to be passed on or disposed of in the event of death or incapacity.

Estate planning should consider who will receive your assets when you pass away and how these assets will pass to them without significant taxes or legal costs. By utilizing estate planning measures such as wills and trusts, individuals are able to ensure their estate is distributed according to their wishes while minimizing tax obligations and recognizing special needs of family members.

Most importantly, estate planning allows individuals to have some control over what happens after they are gone and provide valuable emotional security for both themselves and their families.

What Happens if You Don’t Have an Estate Plan in Place?

If you do not have an estate plan in place before the time of your death, the state you lived in will be responsible for deciding how to handle the distribution of your assets. This process is known as "intestate succession" and can often take much longer than if you had properly planned ahead.

In some cases, especially those with a significant amount of assets or businesses, this can lead to costly litigation. Having an estate plan also helps protect your loved ones in the event of incapacity, ensuring that your assets are managed according to your wishes even if you are unable to actively express them.

It's important to take the necessary steps while you're still healthy and have certain control over these matters so that upon death or incapacity, there will be a solid foundation for continued security and financial stability for yourself and those closest to you.

How to Get Started with Estate Planning

Estate planning can be an intimidating process for many, but with a few simple steps, it can be manageable and even enjoyable. One of the most important factors to consider while estate planning is understanding your goals, circumstances, and resources so that you can make appropriate decisions.

Once you have grasped your current state, choosing an estate planning professional takes priority; consult with experts who specialize in this field to receive personalized advice. With their guidance, you can select the right documents and plan according to your needs.

Be sure to review your estate plan periodically so that it reflects any life changes; once finalized, store these documents safely in an easily-accessible location or use a trust or testamentary trust program if suitable. Ultimately, engaging with experts throughout the estate planning process will save time and money as you enter into adulthood or plan for retirement.

Our Team Can Help

If you need help putting together your estate plan, don’t hesitate to reach out to our skilled team right away to learn more about what we can do to help.

Learn more about how you can protect your assets with estate planning by contacting Marsden Law P.C. today at (800) 828-7854!

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