It may seem like a silly question to ask when Iowa residents should begin estate planning. Many people mistakenly think this is something for old people to do. That is the exact reason why this question is so important because the answer may surprise you. Estate planning is not just for “old people.” It is for anyone who has a solid need to control what happens with his or her future.
Fidelity notes estate planning should begin as soon as a person has assets to distribute to heirs. Often it is recommended to begin as soon as you have children. It is important to understand estate plans go far beyond a will and offer you and your heirs more protection. You can plan for taxes in an estate plan and ensure additional details, such as health care wishes.
Estate planning should also happen if you have concerns about privacy or providing for heirs beyond your children. You can only do so much with alternate options in terms of caring for multiple generations of your family. Once you decide you want to provide for future generations, you need to begin estate planning.
If you own a business, you also should have an estate plan. The death of an owner can throw a business into turmoil. Working out the legal matters can drive a business to failure. So, to safeguard against that, you need an estate plan the minute you decide to start a business.
As you can see, an estate plan is not just for older people. Death can come at any age. By having a plan, you are prepared for whatever may happen. This information is only intended to educate and should not be interpreted as legal advice.