Deciding whether or not you need an estate plan is one of the easiest questions to answer, because the answer is, invariably, yes. Every adult needs to begin estate planning as soon as possible regardless of your position in life. Whether you believe you don’t have anything to leave behind you after you die or believe you will create a plan on your own later on, the reality is that if you don’t have an estate plan in place today, you need to begin making one as soon as possible.
A lot of people who learn that they are pregnant begin thinking about issues they had only vaguely thought of in the past. For example, you may begin wondering what would happen to your child should you and your spouse die. This is exactly what estate planning is designed to address, and why it’s best for new parents to begin estate planning soon after the birth of their child, or even before.
If there is one hallmark of the baby boomer generation, it is that they believed they were different than any other generation before them. Unfortunately, even boomers get old, and as thousands of them reach retirement age every day, many of them are realizing that they have not done anything to create an estate plan. As you get older your needs change, and you will need to create a plan that addresses both likely events and possibilities that you may not have considered in the past.
The estate planning process should begin with a consultation with an experienced and qualified estate planning attorney.