When should I create an Estate Plan?

“You may delay, but time will not.” ― Benjamin Franklin.

Now is the right time for an estate plan. It is never too early to start. Estate planning is very often the neglected part of financial planning. It is definitely difficult to think about your own death. nevertheless it is an important set of documents to protect your assets and your family.

Not everyone needs an estate plan. You should speak with a Connecticut Estate Planning Attorney to discuss your options.

Most people with assets or a family should execute a will. However, not everyone needs an estate plan. The decision is a personal one and depends on more than the potential size of an estate. Consider the following:

The Birth of Children:

An estate plan includes designation of guardians for your children in the event that something happens to you.

“Drafting a will provides the opportunity for a parent to name a guardian to take care of a child if something were to happen to the parent,” says Sander Bleustein, vice president of Advanced Planning at Fidelity Investments. “But, while naming a guardian is important, it’s just one step.” In addition to a guardian who assumes responsibility for the care and custody of the minor child, a conservator (or “guardian of the estate”) may also be necessary to manage any assets the minor child may inherit. The age of majority in a given state is set by state laws; generally, the age is 18 or 21.

Acquisition of Property

If you own any kind of property it is important to designate what will happen to that property if something were to happen to you.

Preparation for becoming incapacitated

Estate planning is not limited the the planning and preparation of an individuals death. One of the many Estate Planning tools used by Connecticut Estate Planning Attorneys are Powers of Attorney and Health Care Directives. Both these tools are utilized to health plan for a parents incapacitation.

Additionally Standby-Guardian election for your children can be utilized to plan for the care of your children during your incapacitation.

Probate and Privacy Concerns

Life Stage

Preparing an estate plan is an essential planning tool that every Connecticut Parent should use to protect their children. It is an important activity at various points of a parents life, from the birth of a child, to the birth of grandchildren planning will always be important. While there is no ideal age at which parents should create an estate plan it is essential to create one. New parents will want to consider their child’s welfare, and plan appropriately. As children grow, your financial life becomes more complex, and as your assets and needs grow and change, your existing estate plan should be reviewed to make sure it still meets your current needs, and that any future needs are anticipated.

Special Circumstances:

Your family would benefit from an estate plan if you are concerned about the care of a child with special needs. Additionally blended families present unique concerns and considerations regarding the distribution of your assets.

If you are wondering whether you should have an estate plan contact The Law Office of Cynthea M. Motschmann for a complimentary meeting to discuss your particular situation and needs. Attorney Motschmann can be reached at 860-506-6113 AttorneyCyntheaM@lawladyct.com.

You can also schedule an appointment using this link: Book an Appointment Today