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Nov 14, 2023

The Stages Of Your Life & Your Estate Plan


The information in the podcast is for general information purpose only. Nothing in the podcast should be taken as legal advice for any individual case or situation. The information is not indended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Estate planning is essential at every stage of life to ensure your assets are managed and distributed according to your wishes. Here are some estate planning ideas for different stages of life:

  1. Young Adults (18-30):
    • Create a basic will: Even young adults should have a simple will in place, especially if they have assets or dependents.
    • Designate beneficiaries: Ensure that your bank accounts, retirement accounts, and life insurance policies have designated beneficiaries.
    • Health care directives: Create a healthcare power of attorney and living will to outline your medical wishes if you become incapacitated.
    • Appoint a financial guardian: Consider appointing a trusted individual to manage your finances if you are unable to do so.
  2. Early Career (30-45):
    • Update your will and beneficiaries: As your life circumstances change, update your will and beneficiary designations to reflect your current wishes.
    • Consider life insurance: Evaluate your life insurance needs to provide for your family in case of your untimely death.
    • Create a durable power of attorney: Designate someone to manage your financial affairs in case of incapacity.
    • Begin retirement planning: Start saving for retirement and consider establishing trusts or accounts for long-term wealth preservation.
  3. Mid-Career (45-65):
    • Review and update your estate plan: Regularly review and update your will, trusts, and beneficiary designations.
    • Establish trusts: Consider revocable and irrevocable trusts for asset protection, estate tax planning, and avoiding probate.
    • Plan for long-term care: Investigate long-term care insurance or other strategies to cover potential healthcare costs in your later years.
    • Discuss your estate plan with heirs: Communicate your wishes and plans with your heirs to avoid potential disputes.
  4. Pre-Retirement (65+):
    • Continually update your estate plan: Ensure that your estate plan reflects your current wishes and financial situation.
    • Minimize estate taxes: Explore strategies such as gifting, charitable giving, or qualified personal residence trusts (QPRTs) to reduce estate taxes.
    • Consider Medicaid planning: Consult an attorney to structure your assets to potentially qualify for Medicaid if needed for long-term care.
    • Appoint a healthcare proxy: Name someone to make medical decisions on your behalf if you can’t do so.
  5. Retirement (Post-65):
    • Review your retirement accounts: Ensure your retirement account withdrawals align with your financial needs and tax goals.
    • Legacy planning: Plan for how you want your assets distributed to heirs or charitable organizations.
    • Document final wishes: Create detailed instructions for your funeral, burial, or cremation preferences.
    • Regularly update beneficiaries: Continue to update beneficiary designations to reflect changes in your family structure.

Remember that estate planning is not a one-time event. It should evolve with your life circumstances, financial situation, and goals.