Our typical client in this age range is usually starting to get close to reaching the peak of their earning potential in their career. Chances are that the children have grown up or are just about grown up. In your 40’s, the focus is likely to shift more to the protection of assets from taxes and preserving as much as possible for retirement and for heirs. Trusts start becoming frequent in this age range. Many people want to avoid the perceived high cost of probate, the lengthy delays in probate of distributing the assets to heirs, and minimizing taxes.
In addition, if you have an adult child that may not be mature enough to receive a large distribution or an adult child with special needs, extra care must be taken to ensure that your wishes are carried out in a way that you think will provide your heirs with the greatest benefit.