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Estate planning tips for different estate planning needs

On Behalf of | Jan 27, 2021 | estate planning

The estate planning process is not a cookie cutter process but, instead, provides tools to allow estate planners to develop an estate plan that works for them. What is important to keep in mind is that estate planning is for everyone at any phase of life. It is helpful, then, for estate planners to know how to identify what to include in their estate plan.

Estate planning tips after college

Even if you are young, it is a good idea to plan for unexpected incapacity or other unexpected events. Components of an estate plan for someone who just exited college might include:

  • Durable power of attorney for healthcare;
  • Durable power of attorney for finances; and
  • Will and updated beneficiaries on accounts.

Estate planning tips when committing to a relationship

When entering a serious relationship, the estate planner may have different concerns on their mind but may also have some of the same concerns. Possible components of an estate plan can include:

  • Durable power of attorney for healthcare;
  • Durable power of attorney for finances;
  • Will and updated beneficiaries on all accounts;
  • An advance healthcare directive to name the estate planner’s healthcare preferences; and
  • A life insurance plan.

Estate planning tips when starting a family

Estate planners who are starting a family likely have many concerns on their mind. Components they may want to have as part of their estate plan can include:

  • Durable power of attorney for healthcare;
  • Durable power of attorney for finances;
  • Will and updated beneficiaries on all accounts;
  • A life insurance plan that has a higher amount of benefit;
  • An advance healthcare directive to name the estate planner’s healthcare preferences; and
  • Guardianship for minor children in place.

Having an estate plan that meets the estate planner where they are at can help them rest easy that they and their loved ones will be protected and cared for. Estate planning needs can vary over the estate planner’s lifetime so it is helpful to be knowledgeable about the different estate planning options that can help the estate planner build their estate plan to meet their needs.