By Mark E. Lewis, Law Offices of Mark E. Lewis & Associates

Becoming educated is one of the most forward-thinking activities one can engage in to prepare for the future. Completing that education usually involves a graduation ceremony and a celebration. Why? Because finishing high school or college is a major milestone in life—it’s one that says, “you are now an adult!” with everything that implies.

You’ve Launched Into the World: Now What?

Entering adulthood is both exciting and frightening. It’s often the first time that a person begins to think seriously about their future and the trajectory they would like to pursue in in life. Everyone around you will begin to ask what’s next. 

Spouse?

Children?

Continued education?

Career?

Home ownership?

Investments?

Retirement?

Milestones Are a Time for Reflection

For each question or vision of the future that arises, there is a benefit to planning ahead. Did you know that every step forward in life has a connection to estate planning along the way? A good estate plan is important for each milestone. Not planning ahead can cause a graduate to trip over those milestones, rather than stepping over them confidently or passing by them respectfully and mindfully.

Marriage: The legal institution of marriage is an “estate plan” itself! The newly married couple needs to reflect on both the assets and debts that each spouse brings to the relationship. Then they should decide how to support each other and their family with a good estate plan consisting of wills, powers of attorney, and often a living trust.

Children: Thoughtful parents will immediately recognize the need to empower trusted family members or friends to have authority to raise their children (and manage a child’s inheritance) in case of an emergency. This is accomplished via guardianship nominations and a will or living trust.

Home Ownership: When you are ready to invest in a home, it becomes virtually essential to create a living trust as part of an estate plan. This is how you protect your investment.

Career and Other Investments: Thoughtful estate plans take into consideration how retirement assets from career and investments can be safely and efficiently passed to the surviving spouse and children.

Retirement: Do new graduates even think this far ahead? They should! One’s “golden years” and legacy need to be supported by an estate plan that is carefully crafted as early as possible to support any eventuality that could occur.

The Law Offices of Mark E. Lewis & Associates has been helping clients get over, around, and through both obstacles and milestones for over three decades. It would be our honor to assist you and and new graduate to stop, think, and plan at each of life’s milestones.