This article from bankrate.com provides an interesting glimpse into how estate planning changes through the different stages of your life. As I have discussed in previous blog entries, estate planning is not a one time event that you do and never think about again. Estate planning documents, such as your will, living trust, health care directive, and power of attorney, may need to change as events occur in your life.
The article provides some insight as to the things you should be thinking about when making an estate plan for the different stages in your life. In particular, the first few chapters of your life prior to marriage are important to consider. If you do not have an estate plan such as a will or living trust, any assets will go to your closest living relatives decided by the State, known as intestacy. This will be a costly procedure as it requires court approval.
If you have a partner or close friends that you are more interested in giving any of your possessions to, it is important to consider an estate plan because generally unmarried persons and non-relatives will have no rights to any of your possessions after your death. A small estate plan, consisting of will, a living trust, a healthcare directive, and a power of attorney is not an expensive venture when you are young. In addition, there may be valid reasons why a trust is not required and that you would have a will with a healthcare directive and power of attorney.
Attorney Anthony Marinaccio is available to discuss your estate planning needs and provide guidance on these issues. I am available for free initial consultations at my office or at your location in Los Angeles County. Please give me a call at (818) 839-5220 or contact me through my website atwww.marinacciolaw.com.