When Should I Start Estate Planning?

What comes to mind when you hear “estate planning”? You might think it’s just for the obscenely wealthy folk gracing Forbes covers. But it’s time we bust that myth. Estate planning, my friend, is something everyone needs. Even you! Let’s delve into the details of estate planning and explore when it’s best to start this essential process.

Defining Estate Planning

At its core, estate planning is about making decisions regarding the distribution of your assets after your passing. It involves more than just dividing your belongings; it includes provisions for healthcare and designating guardianship for minor children. Estate planning empowers you to prepare for life’s unexpected turns and safeguard your loved ones’ future.

When Should You Start?

“So, when should I start shimmying down the estate planning road?” Ah, the million-dollar question! The simple answer is, the sooner, the better. Let’s explore different life stages and milestones to understand the importance of initiating estate planning at various points in life.

The Early Stages of Life

• Young Adults and Estate Planning
  • Even if you’re young and feel invincible, estate planning should not be delayed. After hearing all of our client stories there are two things I’m sure of: you never know what’s going to happen, and it’s never too early to start thinking about estate planning. By creating a basic estate plan, you can ensure your assets are managed and distributed according to your wishes in case of unforeseen circumstances. 
• Estate Planning for Young Families
  • If you have kids, you need an estate plan. This is not just about you anymore — it’s about the people you need to take care of. By setting up guardianship provisions and trusts, your children will be protected, even if you’re not there to care for them.

Major Life Events and Milestones

• Marriage and Domestic Partnerships
  • The joyous occasion of marriage or domestic partnership is an ideal time to consider estate planning. After all, getting married is all about planning a future together. Updating beneficiaries and aligning your financial goals can ensure a smooth transition and security for both partners.
• Real Estate Ownership
  • When you own your own dream home or other valuable property, it becomes crucial to plan for its future transfer to your heirs. By strategizing the transfer of real estate through estate planning, you can avoid potential challenges and ensure a seamless inheritance process
• Career Advancements and Starting a Business
  • Did you climb up the corporate ladder or start a cool new business? Then it’s crucial you take the time to secure your hard-earned assets. Estate planning can help you establish a solid framework for safeguarding and managing your wealth.

Nearing Retirement and Beyond

• Pre-Retirement and Retirement
  • In the pre-retirement and retirement stages, reviewing and updating your estate plans becomes paramount. Addressing healthcare planning through trusts can provide peace of mind during your golden years.

Now is the time to start

As you can see, there is a good reason why you should be thinking about estate planning for every stage of your life. This is because estate planning is a powerful legal tool that is designed to accompany you in all stages of your life, to ensure that all of your successes are safeguarded and that they go out to take care of your loved ones.

Estate planning is a vital responsibility that should not be procrastinated. Whether you are reading this just beginning your adult journey or are already into your later years, now is the ideal time to initiate or update your estate plan.

So take the leap! Why not start today? Reach out to our experienced team to start the conversation and create a comprehensive estate plan that secures your future and protects your loved ones. We can guide you through this process and help you draft an estate plan that takes into account the stage of life you’re in, and ensures you get a say in what your legacy will look like.