Contrary to what many believe, estate planning is critical, regardless of age and assets. So, when is the best time to create an estate plan? You should start planning for your future as soon as you become a legal adult. Why? Even in your 20s or 30s with little wealth, dying without a proper plan can leave your loved ones in an uncertain situation during an already painful time.

What is an Estate Plan?

An estate plan is a legal instrument that provides instructions on how you want your assets administered after you die or become incapacitated. It addresses your property, savings, health care needs, and heirs.

An effective estate plan will generally include four elements: a trust, a will, a financial power of attorney, and an advance health care directive. A San Diego estate planning attorney can help you craft a comprehensive estate plan that addresses all your needs and wishes.

Should You Create an Estate Plan?

A proper estate plan is important as it helps ensure your assets are properly accounted for. In addition, it will reduce stress for your loved ones down the road and allow them to provide appropriate care based on your wishes.

In short, your estate plan will dictate the administration of your wealth after your death, your end-of-life medical care, where and how you wish to be buried, and appoint a legal guardian for your underage children.

What Happens If You Don’t Have an Estate Plan?

If you die without a trust or a will in place, your assets will be distributed to your heirs according to the law of the land rather than your preference. Unfortunately, this also means that your property and assets will go through probate, which is often expensive and time-consuming.

A common misconception is that you should start thinking about planning your estate when you retire. In an ideal world, once you graduate, you get a job, raise a family, retire, enjoy life, and eventually die after living a long, fulfilling life. But this is rarely the case. Life has its ups and downs, and anything can happen at any time.

Suppose you passed on earlier in life or became incapacitated and didn’t have a power of attorney or an advance healthcare directive. In this case, your family members will be forced to make healthcare decisions and handle your assets without your input.

This might make your family go through complex court processes to access and administer your assets appropriately. You can save them the stress by crafting an estate plan that identifies who will be in charge of your wealth and medical care decisions when you can no longer make them.

Contact a San Diego Estate Planning Attorney Today

If you think it’s time to start planning your estate, we can help. At Sole Law, APC, we work with clients of all ages to create estate plans tailored to any stage of life.

For further details, contact us online or call our offices at (619) 369-0461 to schedule a free consultation with Sole Suchomel, our lead San Diego estate planning attorney.