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Is It Too Early to Create an Estate Plan?

Posted on May 29th, 2021

Estate Planning Attorney 

It is understandable that many people think you must have certain things in order to create an estate plan. You may think you need to be a certain age, have a certain amount of cash in your account, own a certain number of properties, or invest a certain amount in the market. The truth is, if you are asking about whether you should start an estate plan, you are likely not too young. Getting an estate plan in place means that you are prepared under any circumstances to have your estate pass on to someone else you trust and it means if you have minor children that they will be cared for as well. If you have questions about creating an estate plan or whether doing so is right for you, read on for more information. 

How Do I Know if It’s the Right Time? 

Whether you have one stock or have a large, varied portfolio, an estate plan could benefit you. For many people these days, the pandemic and other current events have caused a deeper examination of what is important, how people should take care of their estate, and how they would like their loved ones to be taken care of after they have gone. If you want to talk with a lawyer, like an estate planning attorney in Minnesota from a firm like Johnston Martineau, PLLP, they can walk you through the estate planning process. 

What Should I Do With My Estate Plan? 

If you have never created an estate plan, you may not be sure what to do. This is understandable and it means you only have to answer one question: what do you want to do with it? You can:

  • List guardians
  • Donate to charity
  • Name your heirs
  • Make a Power of Attorney
  • Spend the money you have earned 

Your lawyer can speak with you about who you want to name in your estate plan and the best ways to divide up money if you are unsure of how you want to proceed. 

Can I Make Changes? 

When you create a will or a revocable trust, 5 or 10 years down the road you may discover it is out-of-date. That is no problem and you can work with your attorney to create addendums or to scrap what you have and start fresh. 

If you are looking for an estate planning lawyer, reach out to a local office today. 


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