Most people think that making a will is something that’s only done when one reaches retirement age or later. However, it’s important for people of all ages, especially the Gen X population, to consider the advantages of estate planning. Below are examples of how a will and trust attorney in Palm Beach can help this generation prepare their estates.
Establish a Clear Accounting of One’s Estate
Often, people don’t realize how many assets they have and they fail to pay attention to their liabilities. Should a person pass away, it’s important to know how their assets and liabilities will be divided among their surviving dependents. A will and trust attorney makes sure that all assets and liabilities are accounted for and nothing gets overlooked.
Maximize Estate Value for Heirs
Many people in this age group have sizable assets that could be affected negatively by estate taxes if they’re not planned for properly. When a person dies, they want to leave as much behind for their living heirs as possible. Working with a will and trust attorney helps individuals make a plan for sheltering their assets from excessive taxes and maximizing the value for their living heirs.
Prepare Healthcare Wishes
Gen Xers might still be in great health, but that doesn’t mean illness and other conditions couldn’t happen unexpectedly. A Will and Trust Attorney in Palm Beach is essential for creating an advanced healthcare directive, should a person become unable to articulate their healthcare wishes.
To schedule a consultation with an attorney, contact Elite Estate Planning at https://eliteestateplanning.com.