Estate planning can be a lifelong process that evolves as your assets grow and your family situation changes. This may lead you to wonder if there is a point at which your circumstances become too complicated to start an estate plan.
While many experts recommend starting an estate plan early in life, seniors without a will in place should make a high priority of determining the fate of their assets. Even if you have a complex asset situation, building an estate plan will be easier with guidance on how to start and what to include.
How to start an estate plan
The estate planning process often begins by contacting an attorney that can help you navigate the complexities of the matter and put your intent into writing. Seniors can get additional emotional and practical support by involving the family in any big decisions. Adult children may have useful insight when helping older parents with estate planning.
Essential components of an estate plan
The most basic component of any estate plan is a simple will that states who will inherit your property and other assets. With a simple will in place, it is easy to build upon your estate plan over time. You will likely want to accomplish these other essential estate planning tasks in the months and years to come:
- Name any additional beneficiaries
- Assign power of attorney
- Include an advance health care directive in your living will
It is never too late to start an estate plan. While the process can seem long and arduous, it is relatively easy to start a simple plan that will save your family from uncertainty regarding your assets.