When Should You Start Estate Planning?
If you think you’re starting too late or too early for creating an estate plan, you’re not alone. There’s no specific age for when someone should begin planning where their assets will go once they’ve passed, but if you have assets that you would like to pass down, then the earlier the better.
Finding the right time to begin considering estate planning has to do with what you deem as a personal milestone, but there is more you should know about estate planning that we’ve highlighted in this blog.
What is an Estate Plan?
An estate plan is a document, or collection of documents, that protects your assets and property, which is called your “estate.” Your estate plan should explain what will happen to your assets and property once it’s time for them to be passed down. The plan upholds your wishes and specifies who will be responsible for making sure your assets are passed down and sent to the correct people and places.
Is Earlier Better?
Although planning your estate and listing out your assets depends on you and when you feel you have assets you would like to pass down, the sooner you begin, the better. It’s never too early to begin the planning process of where your assets will go.
The sooner you work to take a count of your assets like bank accounts, retirement accounts, investments, business accounts, real estate, or more, the easier it will be to decide how they will be distributed.
Estate Planning Services in Virginia
If you’re ready to create an estate plan, but you need assistance, our team at Family Law Group is ready to help you. We offer estate planning services that cover tax planning for trusts, establishing wills, preparing a power of attorney, and more!
Allow us to walk you through each step of the planning process by giving us a call at (703) 552-5072 today!