Estate planning is important for all ages

Jan 11, 2022 | By: Neil Lyons

How old do you have to be to have an estate plan?

It’s a question I often hear. I typically give the simple answer: “Old enough to sign a contract.”

Why it is important to create an estate plan

When we think of estate planning, we don’t typically think of couples in their thirties and forties sitting down with an attorney to discuss how their property will be distributed in the event of their deaths.

Of course, the real reason may be that we simply do not like to broach the subject of death. (Despite my love for death metal music, I have great sympathy for such fears.)

Fear of death aside, I advise younger married couples with children to sit down with an elder law attorney to discuss their estate plan.

Certain scenarios need to be addressed

Creating an estate plan is especially important if you have a child with developmental disabilities. An inheritance could make them ineligible for public benefits.

Perhaps you have children that are in their early teens. Understandably, you want to ensure that any funds they receive (as a result of your untimely death) be placed and held in a trust until they reach a certain age.

What if you and your spouse are not sure what would happen to your children should both of you pass away before they reach the age of 18?

If you’re a married couple with young children, these and a myriad of other reasons are exactly why you should sit down with an elder law attorney and discuss your options.

If you’re in this category, please call us and take advantage of our complimentary estate planning consultation.