On February 29, 2016

Important estate planning tips for people under 35

Important estate planning tips for people under 35

Getting your finances in order can be essential to being prepared for life’s changes. While building savings and retirement accounts can be part of this process, so too is estate planning.

For those who are under 35 and who may just be starting to focus on their financial futures, the following are some important estate planning tips to help them dive into the process:

  1. Start with the basics – At the most basic level, an estate plan should include a will, detailing how assets will be distributed upon the death of the grantor (i.e., the person who has devised the will and estate plan). Because, however, wills do not cover all estate planning needs, it will also be important to take the next step, which is to…
  2. Plan for the worst – In other words, estate planning is not just about death or planning for loved ones after you are gone. It can also be about setting up some protections for yourself in the event you become incapacitated in the future. And that specifically involves setting up medical and/or financial powers of attorney, which can endow certain people with the authority to make important medical and/financial decisions on your behalf if you are unable to do so for any reason in the future (such as developing a debilitating ailment, being in an accident, etc.).
  3. Don’t forget to consult a lawyer – An attorney can work with you closely to understand your situation, your needs and your goals and, subsequently, to help you identify and develop the other estate plan features you may need. Working with a lawyer can also be crucial to avoiding costly mistakes, taking advantage of certain opportunities and, in general, developing the best estate plan for you and your loved ones.
  4. Get in the habit of reviewing & updating your estate plan – If you are getting started with the estate planning process during your 30s (or younger), then you are on track to protect yourself, your estate and your loved ones moving forward. Don’t forget, though, that it’s critical to regularly reviewing – and, if needed, update – your estate plan as life changes to ensure your plan still offers the protections you need and expect.

Contact a Denver Estate Attorney at JR Phillips & Associates, PC

For superior estate planning services in Colorado, you can turn to the Denver estate attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To discuss your best estate planning options during an initial consultation, call our firm at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Administration, Estate Planning, Probate