When it comes to planning for your estate, you may think you have plenty of time. Especially if you're young and just starting out, or even into middle age and getting ahead in your career, planning for the estate you'll leave to your heirs can seem a long way off.
As the unfortunate death of Prince recently showed, though, it's never too early to start planning your estate. There are no guarantees for anyone as to how long they will live, and if you pass away without a will your money and other assets may not go where you had intended. Fortunately, all of that can be easily avoided by working with an estate planning attorney.
You Need to Know the Benefits
There are big benefits to having an estate plan in place. Peace of mind is one of those benefits, since it can help you avoid worry over what will happen to your estate and all of your assets. Especially if there are people you really want to leave money to, or those who you would prefer to keep away, an estate plan will be necessary. The laws of California come into affect if you don't have a will, and those laws may govern things very differently from the way you would have distributed your assets.
How Will Things Change Over Time?
As you age, there may be people who have entered or left your life. Your level of assets could also change significantly. When those things happen, it can be time to adjust your estate plan so you can feel comfortable with it at every stage of life. Where you are in your 20s and 30s generally isn't the same as where you are in your 40s and 50s, and your estate plan will need to be adjusted to reflect that. Generally these changes are easy to make, but it's important to make them as needed, so your estate plan is always up-to-date.
Choosing the Right Attorney
Visiting an experienced estate planning attorney to get more information is the first step, and can help you start thinking about planning your estate in a way that will work for you and protect your heirs. If you have significant assets or own a business this is even more important, but everyone should have their estate in order. It's one less thing to worry about, and an attorney can help you set everything up the way you want for the future.