We pass through several stages during our time on earth. Each stage, of course, has different levels of development and different needs. Even our legal needs change as we age. It’s important to know how to manage a lifetime of estate planning.
Estate Planning for The Under 18 Crowd
Minors cannot sign important documents like Wills and durable powers of attorney. Under Rhode Island law, the person signing a Will must be age 18 or older.
Children don’t need estate planning, but their parents do.
A parent’s estate plan affects a child in many ways. When someone with a minor child prepares their Will, they typically name a trusted person to care for the child if the parent dies. Parents may also set up testamentary trusts for their children.
Young Adults and Estate Planning
After age 18, kids often move away from their parents. With college plans, careers, and relationships occupying their attention, estate plans may get put at the bottom of the to-do list. That’s unfortunate, because as much as we don’t want to think about it, young adults do pass away or become incapacitated. And, according to a 2016 Gallup poll, only about 14% of adults between the ages of 18 and 29 have a Will.
Any adult, young or old, who owns anything needs a Will. Don’t forget, though, that an estate plan typically includes a durable power of attorney and advanced directive. All three of these documents – and others – give us the chance to voice our preferences for where our stuff goes and what kind of medical care we want.
The Middle Years: Estate Planning Evolves
At this state, people may turn from worrying about raising their children to funding their own retirements. They may also be caring for elderly parents or putting money away for their grandchildren’s education.
These diverse needs can be addressed with estate planning that has evolved to meet their current needs.
Estate Planning for Senior Citizens Plus
Some of our interests remain the same as we progress to the senior citizen level. However, long-term care, legacies, and end-of-life decisions may become greater concerns. An estate planning lawyer can help with long-term care planning, preparing an advanced directive that includes a living will, and more.
Estate Planning Is for Everyone
At the Lambros Law Office, our attorneys make their client’s concerns and goals their top priorities. To schedule an appointment, call 401-383-9899. You may also use our convenient Contact Form to let us you know are ready to get started. We assist clients throughout Rhode Island, including Cranston, Providence, and Warwick.