Now that you’re getting older, you’ve started looking at all you’ve amassed in your lifetime and realized that you’ve done well for yourself. Now in your 50s, your children are moving out and starting lives of their own. You have more freedom, money and assets.
One thing that you may not have done yet is set up an estate plan. If you have a family, including your children or spouse, it’s smart to get moving on that plan as soon as you can.
Most attorneys recommend that you have an estate plan in place when you have children. You may want to put one together when you get married to provide support and guidance for your spouse as well. If you didn’t, that’s not a big deal, but it’s time to think about putting one in place.
Is it okay to be 50 without an estate plan?
The simple answer is no. Adults of all ages need to have a basic estate plan at the very least. This includes a will or trust, at its core, so that you can prevent your family from having to go through the probate process.
There are many benefits to estate plans that you can reap during your lifetime. For example, placing your assets in irrevocable trusts allows you to enjoy them but to pass them on later. Even better, these trusts take assets out of your name, so they can’t be touched by creditors (in most cases).
Estate planning also gives you an opportunity to include information on how you want to be cared for if you fall ill or what to do in the case that you develop a terminal or sudden illness. It gives you control, so you don’t have to wonder what people will do if the worst should come to pass.
Don’t put off estate planning any longer. Your attorney won’t judge you for waiting this long to start your plans, they’ll be excited to get to know you and your life. Their goal is to work with you to help you get the most out of these planning sessions and to make sure everything you want to do with your estate is taken care of.