There is sometimes a perception that Estate Planning in Port Orchard WA is something that people do once they are nearing retirement. Nothing could be further from the case. This kind of activity is appropriate for anyone who wants to make sure their assets and personal effects are passed on to the right people and institutions. That includes people who are just entering the job force right after college. Waiting Until There Are Assets Estate Planning in Port Orchard WA is not just about bundling assets into trusts or designating beneficiaries for various holdings. In fact, there is no need to wait until there are shares of stock, bank accounts, and other assets established to begin the planning. This is because everyone, no matter what their means or station in life, does have some sort of estate. For a young person, that estate may include nothing more than an automobile and the furnishings in an apartment.
Those belongings may be augmented with a life insurance policy and maybe a little money in a checking account. What would happen to those assets if the individual were to suddenly pass away? Who would end up making decisions about how they would be distributed to relatives? The best time to start estate planning is early on, before there are a lot of assets to consider. Laying the foundation for a solid plan means that as those other assets are acquired, they can be easily inserted into the mix.
At any given point in time, the plan for managing or distributing those assets is there if the unthinkable should come to pass. It Is Never Too Late People sometimes think that the time has passed for any type of effective estate planning. As the professionals at Bennett Moran & Gianneschi Attorneys can attest, it is never too late to begin the process of estate planning. Regardless of age or circumstances, it pays to not make assumptions about local laws and who automatically has a claim on assets. Work with an attorney to set up a basic plan and update when and as needed. Doing so will ensure that those who are left behind have one less matter to deal with while they grieve their loss.
