Many people think that estate planning is something to be considered when you reach retirement age. However, the best way to plan your estate is to do so throughout your lifetime. This will help you ensure that your loved ones will benefit from your wishes for them in the event of a tragedy.
If you have a family, you want to ensure that your loved ones are taken care of no matter what. By planning your estate early, you are able to have peace of mind that everything is in place. It also means that you will be able to adjust your estate plan throughout your lifetime in order to adjust to changes in circumstances.
How to start planning your estate
Planning your estate in your 20s or early 30s does not need to be complicated. You must first designate a durable power of attorney. This person will be able to make decisions on your behalf if you become incapacitated and are unable to speak for yourself.
Once you have chosen a durable power of attorney, you can then start to think about who you want your beneficiaries for your assets to be. You can begin by naming a beneficiary on certain accounts like life insurance and retirement plans. Then you can go ahead and start to draft a will, choosing a beneficiary for all other assets that have not otherwise been accounted for.
If you are considering developing an estate plan but you are not sure where to start, an experienced Massachusetts estate planning attorney can provide valuable guidance.