Estate planning attorney working on estate plan with client

Estate Planning Strategies at 35 vs. 65

  • Posted on: Sep 29 2023
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While estate planning is extremely important regardless of your age and finances, the strategies that you use can vary greatly depending upon those two factors. Whether you are just starting a family or nearing retirement, it’s important to understand how an estate plan can help to protect your assets and your wishes. Here’s what you should know about estate planning strategies at 35 vs. 65. 

Estate Planning at 35

Most 35-year-olds are at the initial stages of building their wealth, and as a result, their estate planning requirements often differ from those who have more experience and established assets. Here are several key factors to take into account:

Drafting a Will – Even in early adulthood, establishing a will is of utmost importance. It empowers you to establish how you wish to allocate your assets and allows you to designate guardians for your underage children should unforeseen circumstances arise.

Designating Beneficiaries – Verify that your retirement accounts, life insurance policies, and other financial holdings have assigned beneficiaries. This allows you to avoid probate proceedings and guarantees a direct transfer of your assets to your selected beneficiaries.

Healthcare Documents – the creation of a healthcare proxy and a living will, both of which delineate your medical preferences and appoint an individual to act as your medical decision-maker if you become incapable of doing so yourself.

Granting Power of Attorney – Select a trustworthy individual to oversee your financial matters in the event of your incapacitation. This person will be responsible for managing your assets and making financial decisions on your behalf.

Managing Debts – In your mid-thirties, it’s possible that you still have outstanding student loans, a mortgage, or other financial obligations. It’s essential to contemplate how these debts should be handled or settled should you unexpectedly pass away.

Reviewing Insurance – Assess your life insurance requirements, especially if you have dependents. A life insurance policy can also offer financial assistance to your loved ones in the event that you pass away unexpectedly.

Estate Planning at 65

As you draw nearer to retirement age, your estate planning objectives will likely change. Here are some key factors to consider when you reach the age of 65:

Regularly Reevaluate and Modify Your Plan – It’s important that you regularly assess and revise your estate plan as you experience various life changes, such as changes in family dynamics, status, finances, and other relevant legal issues. By doing so you can ensure that your estate plan remains effective. 

Long-Term Care Planning – Explore long-term care insurance options and tactics for addressing potential costs associated with nursing home or assisted living facilities. This can help to protect your assets and guarantee access to necessary care.

Tax Optimization – Investigate estate tax planning strategies aimed at alleviating the tax obligations of your beneficiaries. Techniques such as gifting, establishing trusts, and engaging in charitable contributions can often effectively lower estate taxes.

Asset Protection – As you grow older, protecting your assets becomes increasingly important. A properly drafted estate plan can guarantee that your assets are protected from potential creditors or legal actions.

Legacy Planning – Determine the manner in which you intend to leave your legacy. This may include charitable contributions, establishing trusts to support future generations, or defining particular gifts for loved ones.

Healthcare Decisions – As you age, your healthcare preferences may change. That’s why it’s best to review and update your estate plan and living will to reflect your current wishes.

One of the key things to remember is that estate planning is not a one-time event; it’s an ongoing process that changes as your life moves forward. Whether you’re 35 or 65, taking proactive steps to protect your assets and provide for your loved ones is critical. 

The Law Offices of Brian L. Fox, APLC Help those in CA to Establish an Estate Plan

If you or your loved one live in California and wish to establish an estate plan or any related documents, it’s in your best interest to consult with a qualified California estate planning attorney who can help. 

At the Law Offices of Brian L. Fox, APLC we know how important it is to protect your loved ones and your interests. We will help you to establish a comprehensive estate plan that meets your needs and achieves your goals. To learn more or to schedule a free consultation, contact us today!

Posted in: Estate Planning