Most people put off estate planning because they think they have plenty of time or because they think it is only for the wealthy. Even if you don’t have millions of dollars, a proper estate plan can save your heirs from the stress of probate and the money it takes for your estate to go through the probate process.

An accident or an unexpected illness can render you incapacitated or take your life at any time. Even if you have one bank account, a car, and some personal belongings, and are too young to have a substantial retirement account or bank accounts, your estate must still go through probate—unless you have an estate plan that could bypass the process.

An experienced estate planning attorney at France Law can help you create an estate plan, including documents such as living wills, powers of attorney, and other documents to give your loved ones permission to make decisions should you become incapacitated.

What Is Estate Planning and Why Does it Matter?

An estate plan is more than a Will. The plan encompasses trusts, health directives, medical and financial powers of attorney, and asset protection. And, estate planning is not just for rich people or seniors—even young people should have an estate plan to protect their assets and wishes should they become incapacitated or die because of an illness or accident.

An estate plan ensures your loved ones carry out your wishes and minimizes burdens for them. Experienced probate attorneys can review your assets and discuss your wishes to help you create an appropriate estate plan for your situation.

Benefits of Estate Planning

Creating an estate plan when you are younger—even as young as your late teens or early 20s—has many benefits for you and your family.

Peace of Mind and Reduced Stress: Documenting your assets and intentions reduces personal anxiety and stress on your loved ones should something happen to you. It also reduces conflict between family members and prevents rushed decisions that may be wrong later in life.
Protecting Loved Ones and Avoiding Family Conflict: Estate plans provide clear instructions for taking care of you should you not be able to make decisions on your own, and tell them how to distribute your assets. They also prevent infighting among family members, especially if you choose to leave more of your assets to one person. They also protect your wishes for asset distribution if you have a blended family.
Save Money and Avoid Probate Costs: Probate court fees, legal expenses, and delays can quickly drain an estate, leaving nothing for your loved ones, even if you are more well-off, but not rich. Trusts and early planning can minimize or even avoid probate. Additionally, early estate planning generally costs less than emergency legal work later.
Unexpected Illness or Incapacity: An estate plan includes powers of attorney and healthcare directives to ensure your family and healthcare professionals meet your wishes. Without these documents, your family must go through guardianship or other court processes during stressful times. These documents give your loved ones guidance.
Tax Advantages and Asset Protection: Planning early allows you to create strategies to use trusts, gifting, and other avenues to minimize your tax burden. It also protects our business and some family assets from creditors.

When You Should Start Estate Planning and How to Get Started

There is no set amount of assets needed to start an estate plan. As soon as you have one or more of the following, you should contact estate probate attorneys to get started:

Personal preferences about healthcare and finances
Assets
Dependents

It’s never too early, but waiting can make it too late to create your estate plan. The best time to create an estate plan is when you move out independently, as you will most likely have a bank account and a vehicle. Your loved ones will need access to your bank account and permission to handle your finances if an accident or illness incapacitates you or a fatal accident or illness takes your life.

To get started on your estate plan, set up a consultation with a wills and estate lawyer. Before your appointment:

Take inventory of your assets and debts
Decide who to name as a guardian, beneficiaries, and who should make healthcare decisions on your behalf

Once your attorney creates the documents for your estate plan, please review them carefully. As you have significant life changes, update your estate plan. Life changes that affect your plan include:

Marriage
Divorce
Birth of a child
Adoption of a child
Significant purchases, such as a home, vacation home or vehicle

If you don’t have substantial life changes, you should still update your estate plan every two to three years, as probate and tax laws change frequently.