Estate Planning for Young Professionals
If you are earning an income, now is the time to get started with estate planning.
Estate planning is not something for just the wealthy or elderly. No matter what your financial status or age, your estate plan is essential if you want to protect your loved ones after you are gone. If you are young and in good health, it is not too early to start putting your plan together. In fact, now is the perfect time for you to put aside some time to think about your future, your finances and your family.
For many young people, busy schedules and the idea that estate planning is only for the rich and elderly, can easily place estate planning at the bottom of the to-do list. However, there can be significant consequences for your family if you delay your estate planning for too long.
If you are married or have children, putting your financial affairs in order is essential if you want to protect your family. Not only will creating your estate plan provide you with peace of mind, it will protect your loved ones from financial burdens. Estate planning lets you decide who will receive your assets and property if you die unexpectedly.
If you are new to estate planning, here’s what you need to know to get started.
The first step is to draft your will with the help of an experienced estate planning attorney. Everyone, young or old, single or married, and regardless of financial status, needs a will. Your will dictates how and to whom your assets will be distributed after you pass away. If you die without a will, the court determines how your assets will be distributed.
Learn about the tax implications of transferring your property and assets. Transferring your assets to a living spouse will be exempt from taxes but if you wish to leave your assets to other beneficiaries, they may have to pay taxes. Planning ahead will minimize taxes and ensure that your beneficiaries will not be penalized.
Review your estate planning documents annually to ensure that they remain up to date and in accordance with your wishes. A major life event, such as the birth of a child, will also require you to revisit your estate plan and make changes. As your family and financial circumstances change, so should your estate plan.
It might be easy to think of excuses as to why you don’t need an estate plan. But if you have started to earn an income, the time to get started is now. Above all, keep in mind that the best way to preserve your wealth and pass it along to your loved ones is by creating a comprehensive estate plan long before you pass away.
Our trusted estate planning attorneys in Pittsburgh are here to help. Contact us today to schedule a consultation to learn more about how estate planning will ensure that your assets will be inherited by your family.