Life Stage Estate Planning

Estate planning isn’t just for the elderly— it’s for everyone, no matter your age or financial background. Let us help you secure your legacy and gain the peace of mind you need to live your life fully.

Planning for Singles

Singles should prioritize protecting themselves and planning for their financial and medical decisions in case of an emergency.

More adults today are choosing to remain single or delay marriage, making estate planning just as vital for singles as it is for families. For singles without close relatives, planning is often even more critical.

Key Documents: A living will, powers of attorney, and HIPAA authorizations ensure your wishes are honored if you’re incapacitated.
Asset Distribution: Without a will, your assets are distributed by state law, often to distant relatives rather than friends, partners, or charities you may prefer.
Unmarried Partners: Protect partners not legally recognized as heirs by explicitly naming them in your estate plan.
Young Adults: Once individuals reach adulthood, they should establish at least basic estate planning documents to avoid complications in emergencies.

Planning for Married Couples

Marriage brings shared responsibilities and assets, making estate planning a key tool for protecting your spouse and children.

Understand Asset Ownership: Clarify marital vs. separate property to simplify future planning.
Power of Attorney:authorize your spouse to handle financial and medical matters if you’re not able to
Prepare for Incapacity: Powers of attorney allow your spouse to handle financial and medical matters if you’re unable to do so.
Guardianship for Children: Designate guardians and ensure your children’s needs are met.
Pets: Include provisions for pets, ensuring their care in case of your absence.
Prevent Probate Conflicts: A thoughtful estate plan minimizes legal disputes and stress for your family.

Getting your estate in order becomes more important after you get married to ensure your spouse and/or children are provided for if something were to happen to you.

Planning for Children & Minors

Estate planning ensures your children’s future is secure if something happens to you.

Guardianship: Choose someone who shares your values to care for your children.
Financial Management: Use trusts or fiduciaries to manage inheritance responsibly.
Consider Options: You can rely on trusted individuals, institutions, or a mix of both to oversee your children’s financial future.

If you have minor children, you probably plan for their future on a daily basis—how you will help them with their education, enrolling them in school activities, starting a college fund, and teaching them skills that will help them later in life. But have you ever thought about planning for what will happen to your children in case something happens to you?

Planning for Blended Families

Blended families have unique challenges that require careful estate planning to balance the needs of all family members.

Update Your Plan: Reflect changes in family structure, such as remarriage or stepchildren.
Protect Heirs: Prevent unintentional disinheritance of children from previous relationships.
Minimize Disputes: Clearly outline your wishes to avoid probate conflicts and family discord.

As the rates of divorce across the U.S. increase, blended families are becoming more common. If you have recently gotten remarried, it is time to consider updating your estate plan or creating one if you have not previously done so.

Blended families present complex issues in estate planning due to the conflicts that may arise between current and former spouses, children, and step-children.

Planning During Peak Earning Years

Your peak earning years, typically between 40 and 55, are an ideal time to strengthen your estate plan.

Tax Efficiency: Optimize retirement accounts and other assets to reduce tax burdens.
Business Succession: Ensure a seamless transition for family businesses.
Health Directives: Update living wills and powers of attorney to reflect current preferences.

>During your peak earning years - statistically between the ages of 40 and 55 - you need to stay flexible. Make sure your estate plan takes into account your fluctuating financial needs.

Planning When Nearing Retirement

As retirement approaches, refining your estate plan ensures your assets are protected and your wishes are clear.

Long-Term Care: Plan ahead to cover potential nursing home or assisted living costs.
Update Documents: Reflect major life changes, like remarriage or grandchildren, in your plan.
Avoid Medicaid Penalties: Address the 5-year look-back period to prevent delays in benefits.

People nearing retirement tend to struggle with estate planning. But this is the time when a thorough plan is most crucial. Contact us today for help.

Planning When Single Again

Divorce or widowhood is a time to revisit or create an estate plan that aligns with your new circumstances.

Update Wills and Powers of Attorney: Remove ex-spouses or other former beneficiaries.
Protect Assets: Consider prenuptial agreements for future relationships.
Ensure Fair Distribution: Clarify your intentions for children from previous relationships.

People who are divorcing or have become widowed often don't understand that being single again includes revisiting or even creating an estate plan.

Planning for Retirement

Retirement is the perfect opportunity to review your estate plan and address new priorities.

Essential Documents: Living wills, powers of attorney, and personal care plans safeguard your preferences.
Trusts: Simplify asset distribution and reduce tax liabilities for your heirs.
Long-Term Care: Plan for potential medical needs and secure your legacy.

Retirement is a good time to create (or revisit) your estate plan to make sure you still have your legal ducks in a row.

Take the Next Step

Comprehensive estate planning protects your legacy and provides peace of mind for you and your loved ones.

Contact Attorney Andrew Hurwitz | Bryn Mawr, PA

215-967-7890 | Schedule your consultation online today!

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