By Jack Dooley

Estate planning is not just something for the uber-wealthy or very old but for everyone. Estate planning is necessary in ensuring your wishes are carried out as you desire and it can be relevant throughout the many stages of your life. Whether you are just entering the workforce, starting a family, or nearing retirement, the right estate plan can safeguard your legacy.

Below, we answer some common questions about estate planning for different life stages.

Young Adults (18-30)

Q: Do I need an estate plan if I’m just starting my career?

A: Yes! While you may not own much, creating a simple will and appointing a power of attorney ensures that your finances and health decisions are handled according to your wishes if you’re incapacitated.

Q: What documents should I prioritize?

A: At this stage, consider a basic will, durable power of attorney, and healthcare proxy. If you have debt, such as student loans, you’ll want to specify how they will be managed.

Midlife Adults (30-50)

Q: I just bought a home and started a family. How should I update my estate plan?

A: It’s essential to update your will to include provisions for your new assets and designate guardians for your children. If something happens to you, ensuring your children’s care and financial future should be a top priority.

Q: Should I create a trust?

A: Trusts can be helpful for families with young children. There are many different types of trusts, though, each with pros and cons. We can help you learn about the different options and determine if a trust suits your needs.

Pre-Retirement Adults (50-65)

Q: I’ve accumulated wealth and assets. What should I focus on?

A: At this stage of your life, it is recommended you review and update your estate plan regularly. You will want to explore minimizing inheritance taxes while protecting your assets and confirming the appropriateness of the beneficiary designations on your retirement accounts and insurance policies.

Q: Should I involve my adult children in my estate planning?

A: This question is a good example of an item which should be discussed with one of our estate planning attorneys. This is a nuanced issue as different estate plans will present different issues. The concept of “transparency” may appeal at first blush but discussing the details of your plan with your loved ones can create bruised feelings or even conflict. In addition, you may make changes to your estate plan in the future causing confusion or upset with those who remember the prior conversations.

Seniors (65+)

Q: How do I protect my estate from long-term care costs?

A: You can consider long-term care insurance or setting up a Medicaid trust. These tools help preserve your estate while covering expensive medical or nursing home care in your later years.

Q: What if my health declines and I can no longer make decisions?

A: It is critical to have an up-to-date healthcare proxy and durable power of attorney. These documents allow designated individuals who you trust to make important financial and healthcare decisions on your behalf.

Estate planning is a lifelong process that should evolve with your circumstances. Taking proactive steps to safeguard your future, across the decades, ensures peace of mind for you and your loved ones.

Do you have a will, trust, or estate question? Call Dischell Bartle Dooley today at 215-362-2474 or contact us online to arrange an initial consultation with one of our attorneys.

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Jack Dooley represents individuals, municipalities, and businesses. Jack does extensive work in estate planning and administration providing his clients assurance that their wishes will be fulfilled and that their estates will pass on through generations. Jack believes that the law goes far beyond technical legal matters. His goal is to make the law work for the people and companies he represents because results matter to Jack. His approach to law provides clients with a top-tier legal analyses combined with a thoughtful and caring approach in order to fully understand his clients’ positions, needs, and goals.