Estate Planning: When Is It a Good Time to Start?
The best time to start your estate plan was yesterday. The next best time is now.
Regardless of your age or the size of your assets, you should have an estate plan in place to protect yourself and your loved ones.
What’s the Best Age to Plan Your Estate?
Ideally, everyone over the age of 18 should have a basic estate plan put together with the following documents:
A trust and/or will
Financial Power of Attorney
Medical Directives
Having these documents in place will ensure you’re covered from now to beyond the grave. It’s important to have your wishes in writing so that someone you trust is able to step in on your behalf to make any important decisions and ensure you’re cared for should something happen to you. Young or old, none of us are invincible, so we need to plan for as much as we can!
Some other events that can trigger estate planning are: getting married, having children, buying a home, retiring, and even divorce.
Benefits of Starting Your Estate Plan Sooner Rather Than Later
Control Over Your Medical Care
If you are incapacitated and unable to make your own medical decisions, having a Medical Directive in place allows someone you trust to step in and make sure your wishes are carried out. They’ll advocate for you when you’re unable to.
Control Over Your Finances
If you’re in a position where you can’t make financial decisions yourself, a Financial Power of Attorney allows someone you trust to act on your behalf to make sure your bills are paid on time and that your bank account is accessible for any unexpected expenses you may have.
Prevent Legal Disputes
If you don’t have an estate plan when you pass away, your assets will go through probate before your loved ones can access them. Probate can last for several years and can create emotional and financial strife amongst those you love. If you have an estate plan in place, your assets can avoid probate, and you’ll prevent major contention between your loved ones.
Help Your Beneficiaries
By having an estate plan in place, you’ll be able to ensure your loved ones are taken care of when you’re gone. Business owners can use estate plans to ensure your succession plan is clear and your business keeps running.
Peace of Mind
Having an estate plan in place gives you the peace of mind knowing that you and your loved ones are taken care of from now to beyond the grave.
Don’t Delay, Start Planning Now
Many people talk about estate planning, but keep putting it off for years. Waiting to make an estate plan can have dire consequences if you have a sudden illness or accident. If you die without an estate plan, your loved ones could be left without guidance and direction, which can lead to conflicts. Schedule a consultation to start planning today.