Our plans at age 18 are very different from our plans at age 30…40…50. Your change, and you’ll focus on different issues as life events happen. So, it makes sense that your estate plans will change over the years.
College-Age Estate Plans
From about age 18 to around age 22, your goals may be to get your career started, get through school, or start a family.
You’ll probably just need a basic estate plan consisting of:
- Last Will and Testament;
- Durable power of attorney;
- Health Care Power of Attorney;
- Advanced Directive for Natural Death.
It really depends on your estate, though. High-net worth estates require extra planning, no matter how young the testator is.
Young Adult Estate Plans
Getting settled after college, you may be thinking of your first job, your first home, your first investments.
If you have children, they will probably be a big part of your estate plan. Strategies you take might include:
- Naming a guardian in your Will;
- Setting up college funds;
- Establishing trusts for your family.
Middle Age Estate Plans
This time in your life may require that you think about family members of all ages. Your children or grandchildren may need money for college, or to help them get started in life.
You may even be concerned about your aging parents. Do they have the right estate plan? Do they need to purchase long-term care insurance or engage in some asset protection strategies?
Your own planning may come last, but you should not delay. At the very least, you need a basic estate plan. In addition, and depending on the value of your estate, you may establish one or more trusts. Some trusts, of course, may benefit your family after you’re gone. But other trusts may help you have a more comfortable retirement or cover any disability or incapacity issues that may arise.
Senior Citizen Estate Plans
As an older member of society, you may be concerned about planning for long-term care and making sure you have enough money to retire. Your legacy may also be on your mind. You’d like to leave as much as possible to your family, but maybe there’s a second marriage to consider. An estate planning attorney can help you accomplish your late-in-life goals.
We Can Help.
Not sure where you stand when it comes to your estate plan?
At the Dillon Law Group, PLC, the attorneys work with you to evaluate your needs and develop a comprehensive estate plan. Please contact us at 757-962-4796 to set up an appointment or use the Contact Form on our website, https://www.dillonlawgrp.com/. Our offices are located in Virginia Beach and Newport News.