Originally published by Robert Kraft.
Life changes quickly once you have children. If you’re looking to leave behind a financial legacy, you might start worrying about your estate plan. Below is a bit of guidance in terms of both when and how you should start planning for your future.
When: The Earlier, the Better
The truth is that good estate planning should start as early as possible. For many, this means as soon as you have assets or meaningful possessions that you want passed on properly to others when you’re gone. Having a rough idea of where you would like your assets to go is always a good idea, especially if you don’t want them being seized by the state when you pass. Even though you may need to rewrite your plan later, getting started early can’t hurt.
When: As Soon As You Have Children
For most, estate planning should start as soon as they know they have a viable pregnancy. You’ll want to immediately put into place not just a plan for what will happen to your property, but also for who will take care of your children in case something happens to you. You’ll want to start making decisions about the form your estate will take, what kind of assets you want left specifically to your children, and what kind of legacies you want to leave behind as quickly as you can.
When: When Changes Occur
You should also seek out your lawyer any time there is a major change to your assets or where you want them to go. If you have another child, for example, it’s a good idea to update your will. If you get divorced, have a major change in your financial situation, or suddenly make a huge life change, you’ll need to update your estate in order to reflect those changes. Working quickly is the best way to ensure that your wishes are honored after you are gone.
How: With an Experienced Attorney
The ‘how’ of estate planning is, fortunately, much easier than the ‘when’ of estate planning. Most law firm services include options for creating estate planning documentation as well as consultation for how to have it done correctly. The more complex your estate, however, the more specialized the attorney needs to be. If you’re dealing with huge sums of money or complicated plans, you’ll want someone who has dealt with similar issues before. The goal is to find someone who has seen it all and knows how to help you.
It’s always a good idea to start your estate planning as soon as possible. Visit an attorney to ensure that your children are protected and that your assets go where they are most needed. Though it’s not always pleasant to look towards the future, doing so is the best way to keep your children’s’ future safe.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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