Estate Planning Fits Into Every Stage Of Your Life
Most people consider estate planning to be of utmost importance for those of older ages who are more likely to pass away or to cope with disability-related issues. However, estate planning is applicable to every person at every stage in life and pretty much everyone can benefit from a consultation with a lawyer.
The misunderstanding that estate planning is only applicable to those over age 55 could be very harmful to your loved ones.
Why is Estate Planning Important for Young People?
During and immediately after college, for example, you’ll need a few basic documents to empower someone else to make decisions on your behalf such as a durable power of attorney for finances and a durable power of attorney for health care. As soon as a child turns age 18, parents no longer have the legal right to make decisions for or act on behalf of their children.
Getting married or having a new child raise important considerations as well, which include issues around:
- Life insurance
- Updating beneficiaries on all retirement accounts
- Creating a will
- Establishing a guardian for a minor child
- and updating your durable power of attorney documents.
What Estate Planning Issues Will You Confront as You Hit Middle Age?
Later in life, considerations for estate planning might include other concerns, including:
- Long term care
- Building a legacy through your philanthropic giving
- and avoiding probate.
All of these strategies can be discussed with a Maryland estate planning attorney who can guide you through the best tactics and strategies most in line with your individual concerns and needs.
No matter where you’re at, there’s the opportunity to gain something from the estate planning process. By consulting with a lawyer, you’ll get the peace of mind that you’ve covered your most important concerns.
Our office serves the need of residents in Washington, D.C. and Maryland who need estate planning help.
Contact a Washington D.C. Estate Planning Lawyer Today
Ready to begin your estate plan? Rely on attorney Clifford M. Cohen, who has more than 35 years of experience, to provide thorough and insightful guidance through this complex process in Washington D.C. and Maryland. Call (202) 895-2799 or complete our contact form for a free consultation.