05 Aug Estate Planning in Your 20s
Wondering when to start estate planning? It’s a question that pops up from time to time, but in young adult life it can seem unimportant. Many young people consider estate planning the type of task that can gets pushed off for another time…another day…another year. However, if time runs out or an accident happens it will be too late. Let us help you avoid this.
If you want to protect what you’ve worked to earn or preserve a legacy that has been passed down to you, an estate plan will be essential. We recently had a community member, Jack, ask, “I have a large amount of assets I want to protect, but I’m 27, have excellent health, and have no dependents. Should I even have an estate plan?” His questions inspired us to create this quick guide on estate planning for young adults.
When to Start Estate Planning
There’s no magic age to start, because every young person can benefit from a solid estate plan. If you don’t have an estate plan, the best time to start is now! If you’ve been procrastinating because the idea makes you feel afraid or overwhelmed, we can help you tackle those feelings so you don’t need to delay any longer. Let us shoulder the stress and be your personal guide in creating a protection plan for your assets.
Estate Planning for Young Adults
When you turn 18, you become sole owner of all your assets. It’s now in your hands to name your durable power of attorney and any beneficiaries you want to pass your assets on to after death. No person or entity can automatically be a beneficiary, and unless you name someone, the process of figuring out how to distribute your estate assets will have to be settled in court.
Remember, the probate court in Arizona will impose itself on any estate that’s worth $75,000 or more. This means that unless Jack creates an estate plan, his estate would be subject to the probate process. Probate court can cost thousands. Even though Jack doesn’t have dependents, he would much rather see his money go to his favorite charitable foundations rather than the state.
We also told Jack to keep in mind the fact that life is likely to change a lot during our younger years. Marriage, children, divorce, starting businesses, purchasing real estate, and many other factors can all affect your estate plan. When you make major life changes, contact Phelps LaClair so we can adapt your estate plan with your desires and goals in mind.
Benefits of Working with Phelps LaClair
As estate planners who have been working alongside Arizona citizens since the early 1980s, the experts at Phelps LaClair know what works and what doesn’t. Our real life perspective has allowed us to develop estate plans that provide exactly what our clients need, protect their assets, and prevent probate.
James Phelps has handled hundreds of trusts and estates after people have passed away. He knows what will truly benefit his clients and enjoys educating Arizona citizens on estate planning. Jeffrey LaClair is a tax expert and experienced attorney who has a passion for helping his clients avoid probate court after seeing first-hand the emotional and financial stress that comes from family fights and IRS disputes.
Do you need an estate plan?
Take the first step toward protecting your assets!
Give the estate planning attorneys at Phelps LaClair a call today.
photo by 5540867 from Pixabay.com on 8/5/2021 | used under the Creative Commons license | no changes made