{"id":351,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/mediaresearch.ca\/?p=351"},"modified":"2025-01-30T12:45:25","modified_gmt":"2025-01-30T12:45:25","slug":"when-should-you-begin-estate-planning","status":"publish","type":"post","link":"https:\/\/mediaresearch.ca\/when-should-you-begin-estate-planning\/","title":{"rendered":"When Should You Begin Estate Planning?"},"content":{"rendered":"
Estate planning may sound like something reserved for the wealthy or those well advanced in years, but here’s a little secret: it’s a step every adult should consider. It involves organizing your personal affairs and deciding what happens to your assets after you’re gone or if you become unable to handle them yourself.<\/p>\n
Now, before you think this is too morbid a topic for a casual chat over coffee, why is it a proactive and responsible move that can save you and your loved ones a heap of stress and confusion down the road?<\/p>\n
When we talk about estate planning, we’re talking about more than just wills. It’s a package deal that includes powers of attorney, healthcare directives, and, often, trusts. But guess what? You don’t have to own a sprawling mansion or a treasure chest of family heirlooms to need an estate plan.<\/p>\n
Do you have a bank account? A car? Perhaps a beloved pet? Well, my friend, you have an estate, and you’ll want to have a say in what happens to it.<\/p>\n
If you’re wondering if there’s a magic age to start estate planning, the answer is now. Yes, really. Estate planning is not just about your golden years; it’s about making sure you’re prepared for the what-ifs in life, like accidents or sudden illness, regardless of your age. Here are some life events that should trigger you to start thinking about your estate plan:<\/p>\n
When you reach legal adulthood (typically 18 years old)<\/p>\n<\/li>\n
When you start collecting valuable assets<\/p>\n<\/li>\n
As you enter into a marriage or partnership<\/p>\n<\/li>\n
Once children come into the picture<\/p>\n<\/li>\n
When your health situation changes<\/p>\n<\/li>\n<\/ul>\n
When you turn 18, legally, you’re an adult. Guess what that means? You get to make your own decisions, which is pretty cool. But it also means you need to think about who would make decisions for you if, for some reason, you couldn’t. Having a basic plan in place can offer some incredible peace of mind to both you and your family.<\/p>\n
Once you start building your asset portfolio\u2014think savings, stocks, a car, or real estate\u2014it’s time to figure out what you want to happen to those assets if you’re not around. Please don’t leave it to the state to make those decisions; they might not choose the way you would.<\/p>\n
If you’re hitching your wagon to someone else’s, it’s crucial to ensure your partner is taken care of how you wish, especially if the law doesn’t automatically recognize your partner as your next of kin. This is super important for unmarried partners, as they often have fewer rights upon a partner’s death or incapacitation.<\/p>\n
Having kids is a big deal and no doubt you want to secure their future. Estate planning lets you do just that, appointing guardians for the munchkins and setting up financial provisions that’ll help them thrive.<\/p>\n
Your health status can change in a blink. Having directives in place that outline your healthcare wishes and designate someone you trust to make healthcare decisions on your behalf can be a game changer during tough times.<\/p>\n
A will is great, but it’s only one slice of the estate planning pie. There’s so much more you can do. Think about:<\/p>\n
Trusts to bypass probate<\/p>\n<\/li>\n
Life insurance to provide for your loved ones<\/p>\n<\/li>\n
Advance directives to guide healthcare decisions<\/p>\n<\/li>\n
Powers of attorney to handle your finances if you’re unable to<\/p>\n<\/li>\n<\/ul>\n
An estate plan can evolve with you\u2014you can update it as your life changes, which it inevitably will. Marriage, divorce, new kids, and even winning the lottery (hey, we can dream, right?) can all mean it’s time to revisit your plan.<\/p>\n
Let’s talk about probate for a second. It’s the legal process where your will gets verified, and your assets are distributed after your death. Sounds simple? It can be anything but. It can take forever and cost a pretty penny. That’s where trusts come in. They can help your loved ones skip the probate headache, getting access to assets more quickly and often with less tax hit.<\/p>\n