In this Elder Law Minute, Kaye DeSelms Dent explains why it’s important to plan ahead while you’re young.
Introduction
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law, and I’m here with an Elder Law Minute for you. These videos are intended to educate you about the Elder Care Journey, which begins earlier in life than you might think. We hope that you find them useful, and if you have further questions, please call us at Dent Coulson Elder Law.
Why Estate Planning Should Begin Before Retirement
It’s not uncommon for us to meet with people who are either retired or nearing retirement and decide that that’s when they need to start thinking about their estate planning, about having a will, or sometimes a trust. But that’s actually really late in the game. When you turn 18, and think about your kids and grandkids, because you’ve heard this phrase, “You’re not the boss of me,” legally, that translates into, “Guess what? You can’t make my decisions, and I get to make my own decisions now.”
Powers of Attorney and Protecting Your Family
So by the time you turn 18, you need to have at least Powers of Attorney—the property power of attorney and healthcare power of attorney. And certainly, it doesn’t hurt at any age beyond 18 to have a will or a trust, depending on your circumstances. But while you are younger, and you’re raising children, working, and being active, you need to have an estate plan to protect your family. Without it, there can be some very significant unintended consequences to your family if something were to happen to you, either disability or, sadly, death.
What Happens If You Die Without a Will?
Fun fact: if you die without a will and you have a spouse and minor children, your spouse doesn’t get everything. Your minor kids actually get part of your estate, and that can be a big hassle for your spouse and can actually put them at risk financially.
Getting Started With Estate Planning
If you’re younger than retirement age or if you’ve put off estate planning until retirement age, we’d love to help you formulate and execute a proper estate plan here at Dent Coulson Elder Law, we’re here to help you at any age, but we’d like to start early and make sure that you’re on sound footing.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
