Young or Old: It is Time to Plan Your Estate Before It’s Too Late

Young or Old: It is Time to Plan Your Estate Before It’s Too Late

The baby boomer population is the largest in the United States, and the millennial population is following closely behind that. However, it doesn’t matter if you are young or old, it is never to early or too late to start considering how you will plan your estate if anything should happen to you. There have been numerous battles between family members over unclear wishes, and many assets seized by banks and the government for those who didn’t plan. In order for you to make the most complete plan possible, it is best to hire a professional attorney to make sure that all of your documentation is in order. 

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Statistics That Will Make You Cringe

By 2037 there will be over 3.6 million baby boomer deaths in the United States. This is a staggering number. What is even more staggering is that 60% of those individuals do not have any kind of will in place, which means that even in case of an untimely death, the fate of any assets owned will be determined by the state (regulated by something called intestacy laws) of which the individual resided in. Regardless if you own a lot or a little, this can cause an immense amount of grief to loved ones who have already lost so much. 

Real Estate Lawyers Help Plan and Execute the Process

It doesn’t matter if you are twenty or eighty. If you own any kind of assets, such as a bank account, securities, or stocks, it is important that you have some kind of will or plan for your estate. This is especially true if you own any kind of real estate or business. Professional lawyers specializing in any estate planning tucson az will help you every step of the way. From the time you acquire an asset, if you need to change any information to what you own or who it will be left to, to the time you pass and it needs to be handed over, the proper lawyer will ensure that the process is seamless and you will have one less thing to worry about during this tumultuous time. 

Things to Consider When Planning Your Estate

There are a few things to consider when planning your estate. First, you should consider who is going to receive what- how your assets will be divided. You will want to make sure that all of your documentation is in order. Your lawyer will be able to provide you will the information that you need if you start planning ahead of time. You may want to consider setting up a trust to take care of future taxes of your real estate, to help offset some of the future financial burden as well. Future beneficiaries can also be considered if the case arises, to ensure there is a contingency plan is in place. 

Taking care of your wishing can be a depressing thought, but ensuring that your assets are in the right hands in case anything happens can leave you feeling at peace. Hiring an expert attorney who specialized in real estate planning helps to make the process easier, and ensures what you have worked hard for in your life can be treasured for generations to come. 

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