When Should I Start My Estate Planning?

When Should I Start My Estate Planning? 

It is never too early to start estate planning, but there are certain age restrictions to consider. Generally speaking, a person must be 18 years of age or older to create an estate plan and designate beneficiaries for their assets. This is due to legal restrictions in place for minors that prevent them from entering into such contracts. However, some states may provide exceptions for minors in certain situations, such as if they have received a large inheritance. Additionally, there are some strategies that minors can employ to help manage their assets and plan for the future even before reaching the legal age of majority, such as establishing trusts or guardianship arrangements. Because estate planning is an important step in preparing for the future, it is important to begin the process as soon as possible regardless of age.
 
Do Not Wait Too Long To Put a Plan in Place
For those in Waynesville, Saint Robert, Rolla, St. James and surrounding areas who are elderly or approaching the end of their lives, estate planning is especially crucial. As a person ages, they may become more vulnerable and thus more likely to be taken advantage of financially. By having an estate plan in place that specifies how assets should be distributed, it can help to protect their interests and ensure that the proper arrangements are in place for the future. Additionally, estate planning allows an individual to make sure that their wishes will be honored after they pass away by specifying how assets should be divided and who should receive them. You can check out this seven step guide to estate planning over at NerdWallet.com. 
 
Estate Planning is For Those You Love
Overall, estate planning is a valuable tool regardless of age or stage in life. It can help ensure that an individual's wishes are respected and their assets are properly managed after they pass away. With the right guidance and assistance, anyone can create a comprehensive estate plan that meets their needs and protects their interests for the rest of their lives.

 We Can Help with Estate Planning at Lowe Dreesen Miller
Most importantly, speaking with a qualified estate planning attorney in the Waynesville, Saint Robert, Rolla, St. James or surrounding area is essential for creating a strong and effective estate plan. An experienced attorney like David Lowe can provide invaluable advice and guidance on the best way to create an estate plan, as well as helping to ensure that all legal requirements are met. With David’s help, individuals of any age can create a customized estate plan that meets their individual needs.
 
It is never too late or too early to start estate planning. With the right guidance and resources, anyone can create an effective plan that protects their assets and ensures their wishes are respected in the future. Even if a person is under 18, there are still strategies that they can employ to help manage their assets and provide for their future. No matter what age or stage of life a person is in, estate planning can be an invaluable tool for ensuring their interests are protected.

Call us today at 573-774-3122​ or contact us here to request a free consolation about your estate planning.  We trust that we can be of help to you.             

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Watch as David Lowe of Lowe Dreesen Miller Talks about Estate Planning