You are earning well for yourself and you are enjoying your life. Nevertheless, have you paid attention to the fact of what will happen to your assets after you die. This will make you curious to know the right time to start with an estate plan, right? Well, Spoiler Alert: the time is Now. Let us explain everything in detail here.
If we have brought you to the platform of at least thinking about creating an estate plan with the help of wills and estate lawyers in Kelowna, you should also know that this is the right time to create an estate plan. Estate planning when done right will bring several benefits. It is only with the right estate plan that you can make sure your end-of-life wishes are followed and your loved ones are taken care of well.
When you are moving ahead in life, it is very important to pay attention to certain milestones of life, and when you do that, you can identify the right time to take care of each of your estate planning needs such as the kind of nominee you need, the guardian for your minors, when to create a trust, and when to upgrade your estate plan.
So, when does creating an estate plan become necessary?
Most of the lawyers for wills and power of attorney in Kelowna will tell you to start with an estate plan the moment you become a legal adult, and then keep updating the plan every five years. The primary reason for this is that you have become 18, and you are now responsible for your finances, healthcare, and power of attorney. You are wise enough to consistently make sure that everything is falling in place. However, for most young adults an estate plan is one of the furthest things in mind – which is also very normal.
But there are a few common life events that will warrant prioritizing your estate plan that one must never ignore. No matter what your age, you should always consider the following life occurrences as the signs to start with an estate plan.
1. When you start your savings accounts, you should think of your immediate nominee who will be designated with funds after your death. The step will ensure that the account is passed on to a loved one or because of your choosing.
2. As you grow your finances, you will think of buying additional properties and ownerships. You have them in your name right now but you must also make plans to handover them over to your loved ones in case you are no more in this world.
Prepare to meet your wills and estate lawyer in Kelowna. Come to us now.
Jimmy Walid is the author of this website and writes articles for a long time. To know more about wills and estates lawyers in Kelowna and Wills and Power of Attorney in Kelowna please visit the website.
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