Although most people believe that an estate plan is something they need later in life, the truth is that anyone over the age of 18 years old should have an estate plan in place if they want to ensure the management of their assets, health care needs, and help loved ones avoid unnecessary costs. However, to better understand whether you need an estate plan in Northern Virginia, we have prepared the below post to review some scenarios where having an estate plan is critical.
Having an Estate Plan When You Have Children
If you have young children, it is recommended that you create an estate plan to make sure they are taken care of in the unfortunate event of your passing. This is also your chance to determine who will care of your minor children, how your property and things will be distributed, and who will make decisions on your behalf.
Having an Estate Plan When You Retire
At this point, you should have an estate plan in place. If you already have a plan, it’s time to review and update it as necessary. Take the time to reflect on any recent lifestyle changes that may impact your plan. If you do not have an estate plan yet, now is the time to reach out to an experienced estate planning attorney in Northern Virginia to get started on creating one.
Having an Estate Plan When You Get Married
As a newlywed, estate planning is probably not on your radar. However, it is crucial to think about creating these plans. Although the law often grants assets to a surviving spouse, what happens if both spouses pass away? In such a scenario, it is crucial to have an estate plan to ensure that your assets are distributed according to your wishes and divided fairly among your loved ones.
Having an Estate Plan When You Start Your Own Business
Even if you own a small business, you want to have an estate plan. These plans can give you the peace of mind that your business will be taken care of even if something should happen to you and you cannot run the company any longer.
Having an Estate Plan After You Turn 18 Years Old
While many believe that 18 years old is too young to worry about an estate plan, there are actually many benefits to starting this planning process early. Moreover, as you begin to acquire financial accounts, motor vehicles, houses, land, or other assets, you will want to ensure that these things will go to the right person or place if something should happen to you.
Contact Ardent Guardian Today To Learn More About Estate Planning
At Ardent Guardian, our firm has extensive experience handling various types of legal and financial matters, including providing clients with a wide range of services, such as estate planning and probate administration. That is why if you are looking for further information about estate planning in Northern Virginia and how these plans could help you, contact Ardent Guardian today at 703-592-6774.
