Estate planning is usually seen as an activity for those with an estate. Namely, your parents and grandparents. But there are specific legal needs we will have as we move through the different stages of our life, beginning in our late teen years and early twenties.
For example, a 20-year old with few assets doesn't necessarily need a will, but they should have a few basic legal documents in place such as a health care proxy, HIPAA release and durable power of attorney. This will allow a trusted individual to act on their behalf in case of a medical emergency. During your middle years (40-61) adding a will and sufficient life insurance coverage is key as many of us are now protecting and providing for our growing families and their needs. And as we approach the Golden Years, having a well developed estate plan is important to make sure our wishes are memorialized for future generations.
Of course, before embarking on this journey, you should speak with a qualified estate planning attorney and you should coordinate with your financial planner and CPA to ensure a positive outcome.
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