We believe that there is no specific age at which you should start thinking about estate planning. However, it is never too early to consider what would happen to your hard-earned assets after your passing. At Protect Wealth Academy, we can connect you to reliable industry experts who can put a plan in place that meets your individual needs to ensure that your financial goal can be accomplished.
Benefits of Estate Planning
Having a valid estate plan offers you plenty of benefits. The most important benefit is that it provides you with peace of mind, being assured of the financial future of your loved ones when you can no longer continue providing for them. Depending on your personal needs and circumstances, we can help you to develop trusts, will, and other financial tools that will enable you to have full control over your assets. This will enable you to continue caring for your loved ones even after your demise.
Starting on Estate Planning as Early as Possible
It is always recommended for you to start estate planning as early as possible. Regardless of whether you are the breadwinner of your family or you are a recent college graduate holding your first job, there are many good reasons to consider what will happen to the financial standing of your family after your passing. Most often than not, young, single people who have not made a lot of money usually think that an estate plan is not necessary for them as they do not have that many assets to leave behind for anyone. However, an estate plan can help your parents pay for your funeral and burial and ensure that they can gain access to your assets such as the following:
- Your personal belongings
- Your home or apartment
- Your bank account
- Other financial accounts
- Any life insurance policies
Individuals with high-asset estates are more likely to consider developing an estate plan, but many people in this category still pass away without ever having a proper plan put in place. This will leave their family in court fighting to gain access to personal property and assets of the deceased. This can be prevented if you had already built a valid estate plan earlier on.
Why You Need to Start Thinking About Estate Planning
Many reasons can cause people to think about estate planning, but some of the most common ones include the following:
- The birth or adoption of a newborn
- Marriage
- The death of a loved one
- Buying a home
- A new job or other avenues of wealth increases
- Adopting a grandchild or any other family member
There are also other reasons why people consider developing an estate plan. The reasons are as follows:
- Naming guardians for their minor children
- Getting peace of mind for their family’s financial health in the future
- Helping their family avoid probate court after their demise
- Deciding who inherits their assets after their demise
- Making an advanced directive for healthcare
- Appointing guardianship or conservatorship if incapacitated by injury or illness
Protect Wealth Academy is here to assist you in creating a plan that best suits your individual financial needs and personal circumstances.
