Three Essential Steps To Property Planning Folks Of All Ages Ought to Take – New York Property Planning Lawyer Weblog – April 3, 2021
Regardless of your age, it is important to study estate planning to ensure that you are making appropriate decisions about your financial and medical decisions. Estate planning is also vital regardless of your economic status. While estate planning decisions are made as you get older, young people too should share your wishes when something happens. Fortunately, the Covid-19 pandemic has made many people appreciate the importance of being prepared for the unexpected, regardless of age.
While estate planning is important no matter how old a person is, a person’s estate planning must change as they age. This often means that younger people need fewer estate planning documents, but more as they get older. This article outlines a few key estate planning steps that you should remember regardless of your age.
# 1 – Update recipient names
Even if you’ve just started your career, you probably still need to Name a beneficiary for your 401 (k) and any retirement accounts you have. You might choose to name your parents if you are not married and have no financial dependents. If you are married or have children, you should take additional precautions to update beneficiary names. You should avoid simply putting away retirement accounts and forgetting these names. If you have multiple retirement plans, make sure these details are up to date. You should also make sure that you revise the terms of your estate planning documents as your goals or situations change.
# 2 – Use a Health Care Proxy
Healthcare proxies Let a person make health care decisions on your behalf when you are able or unable to do so. Even if you are 18 years old, having a valid healthcare proxy is still a good idea. This is because after the age of 18 a person becomes a legal adult and parents do not have the right to make medical decisions. A young person is unlikely to become incapacitated, but these situations are known to occur. Just like with other estate planning documents, it is important to update these documents as your health goals change.
# 3 – Create a long-term care plan
It is a good idea to think about your long-term care needs as early as possible. As you get older, it is a good idea to come up with a plan of how, when, and where to get long-term care, rather than relying on your doctor to make these decisions. Part of the estate planning process should include deciding where to care for and letting your children or loved ones know about these details.
Talk to an experienced estate planning attorney
If you or a loved one needs the assistance of an estate planning attorney, please do not hesitate to contact us Law firm Ettinger today. We understand some of the most common challenges people face in estate planning and we continue to be committed to helping people achieve their goals.