Start Ahead & Stay Ahead:
Estate Planning Done the Right Way
Most people understand that starting strong is the best way to finish strong. This is true in many aspects of life, including business, wealth building and even sports. Estate planning is no different. Getting started early can put you way ahead of the game when it comes to securing your family’s future. Let’s look at how!
The Big Misconceptions
Before we discuss why estate planning early is important, a few misconceptions need to be cleared up. First, you may believe that simply having documents such as a will, a power of attorney, and an advance directive (also called a living will) is all you need to carry out your wishes effectively. This is not true! These documents are tools that are used as part of a complete estate plan. For a deep dive into why these documents are not enough, check out this link: https://lawofzacooper.com/documents-vs-plan.
Second, you may believe estate planning is only necessary for the wealthy or older individuals, but that couldn’t be further from the truth! People who are older or have significant wealth may need more complex planning than those who are younger or have less wealth. However, this does not mean that younger folks or those with less wealth should not have a complete estate plan. In fact, working with an estate planning attorney allows young people and less wealthy people to get ahead of the curve as they grow older and their wealth grows.
Advantages of Planning Early
Working with an estate planning attorney early will put you in a prime position to secure your family’s future long term. When you meet with an attorney to discuss your plan, the attorney will discuss what assets you currently have and what your wishes are if you were to pass away today. However, you probably do not realize that a quality estate planning attorney will also discuss your future so you can plan for it as well.
What exactly about your future will be discussed? The attorney will talk with you about what your wealth building goals are, if you plan on having more kids, and if you expect to receive a large inheritance anytime in the future. Having this information allows your attorney to put a plan in place for now, while also providing you advice on when you may need to update or change your plan as your situation changes. This is extremely important as estate and gift tax laws change and so do inheritance laws. By working with an estate planning attorney early, you can get ahead of these changes in the law and stay ahead of them.
The Bottom Line
Creating a complete estate plan is not reserved for older and wealthy folks. Younger folks will serve themselves and their families well by working with an estate planning attorney to create a complete estate plan early on. The attorney can help you create a plan for now and for the future. This allows you to have confidence in your family’s future no matter what stage of life you are in.
If you do not have a complete estate plan, reach out today! I can help you create a plan that gives you confidence in your family’s future. Reach out to me (Zachary Cooper) at LawofZACooper.com/Contact!