When is the Right Time to Start Estate Planning?

If you have an estate that requires ownership attention, you should start looking for elder law attorneys in Santa Rosa. With aging, things can get uncertain. But with years of experience in your life, you should take control of your surroundings. You must take the decisions related to the handover of your estate, at the right time. With a majority of average American household owners not considering the importance of estate planning, stakes are often higher for their offspring.

What you might think is not vital can prove to be a real mess later on. In fact, most experienced attorneys suggest planning your estate at the youngest age possible. Till the time you have got the alertness about your finances, start planning your estate.

But what if you are not savvy about finance? In that case, there are a few things to consider.

Estate Planning: When to start?

If you are a goal-focused millennial with high aims in life, be sure of consulting the right estate planning attorney well ahead of time. However, it’s recommended that older people also prioritize contributing some time towards thinking about estate planning. Most people have a false notion that writing a will is equivalent to planning their estates. Of course, there are quite a few common practices involved in both aspects. You still need to continue planning your estate even after completing setting up a will.

Where does Estate Planning differ from a Will?

Please bear in mind that preparing a will is only a component of a bigger process called estate planning. As you understand, the will is a legal document that ensures that your property is passed onto the designated person upon your death. Apart from this, estate planning involves the following process as well:

    • Power of Attorney: The person you designate with the POA (Power of Attorney) gets control of making financial and health-related decisions during times of your incapability.
    • Advanced Directive: This document, as the name suggests, directs the actions to be taken when your health conditions are not up to the mark. Another name for this procedure is “living will.” It comprises the medical treatments you wish and wish not to receive.
    • Trusts: This helps you to keep your assets out of probate. Get benefit of a lowered taxation on your assets.

Therefore, estate planning is an extensive procedure that requires professional attention. It’s time to start planning. Consult with Johnston & Associates Law at 707-545-6542.