When Should I Create an Estate Plan?

Reviewed and approved by Kathryn Wayne-Spindler

Estate planning is a necessary process that helps individuals manage their assets and properties and ensure their loved ones are cared for after passing. Despite its importance, many people often delay estate planning or put it off entirely, thinking they have plenty of time to get around to it. However, estate planning is not just for the elderly or those with substantial wealth- everyone should have an estate plan regardless of age or financial status.

So When Is the Right Time to Start Estate Planning?

The simple answer is now. Regardless of how young or old you are, you should have an estate plan. This is the only way to ensure the fulfillment of your wishes in the event of your incapacity or death. Here are some everyday life events that may indicate it’s time to start your estate planning:

1. Marriage: Getting married is a significant life event, often prompting many legal and financial changes. Once you tie the knot, reviewing and updating your estate plan to reflect your new circumstances is essential. This may involve creating a new will, updating beneficiary designations, and creating powers of attorney to appoint someone to manage your affairs in the event of your incapacity.
2. Children: If you have children, ensuring they are cared for if something happens to you is vital. Estate planning allows you to name a guardian for your children and create trusts to meet their financial needs. Additionally, you can set up a plan for your children’s education and future expenses.
3. Retirement: As you approach retirement, you may want to revisit your estate plan to ensure it aligns with your current financial goals. This may involve updating your will, reviewing beneficiary designations, and creating trusts to help manage your assets and properties.
4. Illness or disability: If you become ill or disabled, managing your finances and medical care may be challenging. An estate plan can help ensure that your wishes are carried out, and your affairs are managed appropriately. This may involve creating powers of attorney and healthcare directives to appoint someone to manage your affairs and make medical decisions.
5. Inheritance: Reviewing your estate plan is essential to integrate your newly inherited assets correctly. This may involve updating your will and creating trusts to help manage your assets.

Your Next Steps

Estate planning is an essential process for people of any life stage. It’s never too early or late to start planning for your future. By creating an estate plan, you can protect your loved ones and manage your assets and properties effectively. Wherever you are on the path of life, starting your estate planning journey is essential. Don’t wait until it’s too late – take the first step and create your estate plan today by contacting our team at  248-676-1000 or attorney@kssattorney.com.