What type of estate planning do I need?
This is a really general question, and it really depends on a lot of factors. Somebody who comes into our office in their early twenties is probably going to require a different type of estate plan than somebody who comes into our office in their 5060s or seventies. Your needs are different at different ages. And that brings up an a very important point. Even if you get your estate plan when you're 20 years old, you need to review it every single year to make sure it's still up to date and your wishes are still exactly what you want them to be. Right.
Young Estate Planners
So a lot of times we see people in their twenties who are just about to get married and at that point, for whatever reason they feel, well, I don't need to get an estate plan but the second that they have a baby on the way, they are in our office and wanting to make sure that their estate planning documents are in place because they want to make certain that if something were to happen to them, that there are somebody to take care of that new baby, that new child that is coming into their life as their children get older.
Different steps to take as children grow
The strategies to protect the children are also going to change. And then when their children go off to college, they're going to have a different outlook as well on what they would want to happen in their estate plan. And then once their children graduate from college and have their own jobs, maybe at that point they don't want their kids to get a lump sum of money. Maybe they have seen the way their children have grown up into adults and they want to put in place provisions that will protect their children from creditors and maybe Son-In-Law or daughter in laws that you might think as a parent might just be out there to get your money. So there's a lot of different factors that go into place, and it really depends on what age you are and what kind of information and provisions you have in your estate plan.
The main needs for an Estate Plan
But generally you want the exact same things that you want at any age. And that's a revocable trust, a power of attorney, health care, power of attorney, a pore over will and your advance directive and HIPAA authorization.
Estate Planning Guide
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoyed this video, then guys please smash that subscribe button and click on the like button and also click on that little barrel so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856