The day will come when starting the process of estate planning in Phenix City, AL is necessary. For many people, they believe that day will only come after they have reached a certain age or have a determined amount of assets. The fact is that estate planning is something that can get underway while the individual is still in college and does not yet have a lot of assets. Here are some examples of when to start making efforts.
The College Years
College is a time to prepare for the future. While the focus is on earning a degree, it never hurts to begin formulating some plans that can be put in place after entering the job force. Those plans can include the acquisition of assets like stocks, bonds, and property. By having a plan for purchasing assets over the next several years, it is possible to begin the process of building an estate.
When Children Come Along
The need to get serious about estate planning in Phenix City, AL before children arrive is very real. Parents will want to put processes in place that ensure children are provided for if something should happen to one or both of them. Consider establishing trusts that will help cover the cost of college, or even help with the expenses of raising the kids if both parents are killed in an accident. A trustee can make sure whoever receives custody of the kids has the money needed to provide food, clothing, shelter, and other things that children need to thrive.
Retirement Is Looming
The time has moved along much faster than the individual expected. There are now only a few years until retirement. Rather than fretting over missed opportunities, focus on getting help with planning the estate now. The idea is to amass assets that will make those retirement years comfortable. At this juncture, it also helps to make sure the end of life documents are in place, including a living will, powers of attorney, and instructions for a funeral and memorial service. All these plans will ensure that when the time comes, there will be no doubt about who gets what.
For more information about estate planning, visit website name today. With the right legal advice, it is possible to start the planning immediately.
