Financial Circumstances And Goals Change Over Time
A person's financial situation is not static. Rather, it is something that shifts as a person grows older. Where a person is in their life not only can impact what sorts of assets they currently have, but also what their financial goals are.
For example, a person's current stage in life can impact whether their primary financial focus is on the accumulation of assets or the preservation and handling of assets they already have. For example, after a person retires, their financial goals often become very focused on asset preservation.
Now, whatever age an adult is and whatever their current financial goals are, having an estate plan can be crucial. This is because there is no stage of life in which a person is immune to unexpected tragic events. It is a sad reality that death or incapacity could come to one at any time, so it is important to always be properly prepared.
What a person's life stage and financial goals can vastly affect though is what sort of estate plan would be well-suited for them. These things can greatly impact what a person would want their estate plan to do and estate plans are very diverse in terms of what they can do. Estate planning attorneys can help people tailor an estate plan to the needs, desires and goals they have in their current stage of life.
As a person grows and their financial situation and goals change, their estate plan may also need to change. Attorneys can assist individuals with making appropriate changes to their wills and other estate planning documents as they grow older and their financial and life circumstances shift.
Source: WMUR, "Money Matters: Realities and expectations for life’s stages," Marc Hebert, Feb. 18, 2016