When it’s best to start the estate planning process

When it’s best to start the estate planning process

As soon as possible because, the sooner you get an effective estate plan in place, the sooner you will be able to rest assured that you, your loved ones and your legacy will be protected, regardless of what tomorrow may bring.

Although many people believe that estate planning is only something to be concerned about later in life – causing them to put off this process, the reality is that there are no guarantees about the future. By developing an estate plan now – whether you’re in your 20s, 30s, 40s or beyond, you can formalize your plans for incapacity planning, your estate, etc., ensuring that your wishes are carried out if or when something serious may impact your health.

When to Start Estate Planning: Major Triggering Events

While it’s never too early for an adult to develop an estate plan, certain events may trigger or accelerate a need for estate planning. These can include (and are by no means limited to):

  • Getting married
  • Having or adopting children (or expecting grandchildren)
  • Getting divorced
  • Receiving a diagnosis for a serious medical condition
  • Experiencing a significant financial windfall or loss (or a substantial change to one’s assets or debts)
  • Starting a business
  • Losing a loved one.

Estate Planning 101: More Important Information

  • What to include – Once you’re ready to dive into estate planning, the main focus will likely be crafting a will that accurately and fully incorporates your wishes. This, however, may not be the only estate planning feature you may need, depending in your circumstances and goals. Additional features you may want to include can be powers of attorney, trusts, etc. A skilled estate lawyer can work closely with you to identify all of the features necessary to meet your wishes and goals for the estate planning process.
  • Maintaining your estate plan – After creating an estate plan, it’s very important to set up a schedule for regularly reviewing and, as needed, updating the plan. This is because, as months and years pass, relationships and your assets may change. By getting in the habit of reviewing your estate plan, you can be sure that your plan is always up-to-date, accurately reflecting your wishes.

Contact the Pueblo Attorneys at Gradisar, Trechter, Ripperger & Roth

For the highest quality services and representation for estate planning and probate in Colorado, contact the experienced Pueblo attorneys at Gradisar, Trechter, Ripperger & Roth. For more than four decades, our lawyers have been dedicated to helping our clients navigate the complexities of the legal system and to favorably resolving their important legal issues.

To learn more about how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.

From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.

Categories: Estate Planning, Estate Planning: FAQs