Estate planning may be different at different times in the estate planner’s life. What all estate planners have in common, however, is that estate planning is for everyone. It is important for estate planners to know what to include in an estate plan at every phase of their life.
During and after college
During or following college, estate planners may want to include several documents such as durable powers of attorney for healthcare and finances. In addition, estate planners who fall into this category should also have a will and should ensure their have updated beneficiaries on all their accounts.
For estate planners who are preparing to get married, they may want to include several documents in their estate plan to prepare for incapacity such as durable powers of attorney for healthcare and finances. An advance healthcare directive can also be helpful to specify the types of care the estate planner wants to receive. In addition, estate planners who are getting married should also have a will or updated will and may wish to also have a trust. Estate planners who are marrying should also update their beneficiaries on their accounts and life insurance policy to reflect the change in their life and relationships.
Starting a family
In addition to having durable powers of attorney for healthcare and finances, as well as an advance healthcare directive, will and possibly a trust, estate planners who are planning on starting a family should also consider adding another document to their estate plan. Estate planners should include a guardianship as part of their estate plan and may also wish to increase the amount of life insurance they currently carry.
Estate planning can meet the needs of estate planners where they are at during any phase of their life. For that reason, estate planners should be familiar with how estate planning can help them and what they should include in their estate plan depending on what is going on in their lives.