Kentucky residents of all ages may think about estate planning from time to time and think, “I’ll get around to it eventually.” Unfortunately, the reality is that some people simply never get around to it, and it is their family members who bear the burden of that choice. So, is it time for you to start to seriously think about getting your estate plan in place?
When to start?
Some people wonder when would be an appropriate time to start thinking about estate planning. A recent news article noted a couple of triggers:
- When you have dependents who you need to make plans for. When you have children, you begin to think about what you want their future to look like after you are gone.
- When you have enough assets that estate planning can help with protection and distribution. This means protecting assets while you are alive and well into the future.
For many people, these two scenarios arise earlier in life, like in their 20s or 30s. They get married, buy a home and start having children. If that life trajectory sounds similar to your situation, it may be past time that you start thinking about estate planning.
So, now that you have decided to tackle the task of estate planning, what are the next steps?
The first thing to do is to undertake some research so that you are familiar with the options that might be right for you and your family. That way, once you walk into an attorney’s office to officially get started, and you have your answers about your family dynamics and finances, the options that you can consider will be easier to understand and choose.