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4 Ways People Under 40 Can Simplify Estate Planning

by AOG Wealth Management

A common misconception is that estate planning only applies to the wealthy. This process, however, is essential for anyone who has assets, regardless of the overall value of those assets. AOG Wealth Management, an expert in financial planning in McLean, Great Falls, and all of the Metro DC area, shares four ways people under 40 can approach and understand the estate planning process:

Estate Planning

  1. Start sooner. Even people without considerable assets will need an estate plan. This still applies even if you think you only have debt. In fact, creating an estate plan is still just as important if you want the people around you to help deal with your finances appropriately. This is particularly true if you have young children depending on you financially.
  2. Talk about potential scenarios with your family. Before you set about your estate planning in Washington, DC, make sure you know exactly what you want and need to happen after you pass away. You’ll also want to relay those wishes to the people around you. When all family members are involved with making particular decisions, there will be less trouble or confusion about transitions or financial transfers. This way, everybody remains on the same page on your rationale behind these decisions, eliminating the potential for arguments.
  3. Review your estate plan from time to time. Make sure the plan adapts to significant life events, changes in tax law, or the addition of more children through the years. You should also keep an eye on your insurance policies and investments. They all tie in with your estate plan and can be affected by sudden economic changes.
  4. Hire an experienced estate planner. If you are having difficulty going through the finer details of estate planning, consult AOG Wealth Management. Aside from tax planning in Washington, DC, we can also guide you through the complexities of estate planning. Our expert team works with estate planning attorneys to draw up an individualized plan that takes into account your needs, goals, and situation.

AOG Wealth Management’s quality solutions can help you reach your financial goals. With our exceptional estate planning services, we can make this a smoother process. Call us today at (866) 993-0203 or fill out this form to schedule your appointment.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

Category: Wealth Management