Whether you’re in your prime, you’ve just started a family, or you’re about to enter retirement, you can benefit from estate planning. Naturally, thinking about what will happen to your assets and loved ones after you pass is not something many want to do. Most people don’t think about estate planning until they’ve reached a ripe old age, after living life to the fullest, but this may be the wrong way to approach it. Life rarely works out the way we imagine, and putting this process off can have unintended consequences for you and your loved ones.
Our attorneys at Drexler Law explain the times when you should consider estate planning:
When you get married or divorced
Whether you’ve just tied the knot or ended your marriage, you should review your estate plan when your marital status changes. You’ll want to do this as soon as possible to ensure that your assets and money are going to the right person.
When there’s a new addition to your family
The love that comes with being a parent is unlike any other relationship, and you need to ensure that your children are cared for if something were to happen. Having a will allows you to name a guardian for your kids if you and the other parent were to pass away.
When most people think about estate planning, they assume it’s only for the wealthy or associate it with a will, but it is much more than that. It also includes the details of your wishes regarding medical treatment if you become incapacitated, it helps minimize estate taxes, and it specifies how you want your assets to be handled after you pass away. If you’re asking yourself when you should start estate planning, the answer is now.
To talk to our Colorado estate planning attorney, contact us at (719) 259-0050 and schedule your consultation.