Appropriate estate planning is important for anyone regardless of the size of your estate. However, as you get older your priorities will shift and your situation may change, meaning that estate planning could become an even more important consideration.
At a bare minimum, if you own property you need to be aware of planning for how to pass on this property to your loved ones. Even if you already have an existing estate plan that was put together with the help of an attorney, you need to evaluate this every 5 to 10 years to ensure that it’s still in line with your life needs and wishes.
Here are some primary concerns to consider as you get older. In your 50s, you may find yourself caring for both your children and your parents and this is known as the sandwich generation. This means that you should also be thinking ahead about your parents’ planning and your children’s planning as well.
In your 60s, this is the time to amend any documents to reflect the current state of your family and the laws. In your 70s you want to ensure that you are still on track with your estate plan and reevaluate your current assets. In your 80s you are probably looking back over the course of your legacy and your life. You may need to appoint someone to help you with your finances and this can be a good time to consider charitable gifting if this is the right fit for you and your estate.
Your New Jersey estate planning lawyer can help you work through your needs for looking to your future.