Your Lawyers For Life
Your Lawyers For Life

When Should I Start Estate Planning?

On Behalf of | Apr 26, 2022 | Estate Planning

The answer is simple: as soon as you can. Foregoing estate planning carries a lot of risks that you may not be aware of, which is why we decided to create this post. Here are some of the main reasons why you should start estate planning now:

  • Passing away without an estate plan will leave your estate susceptible to intestate succession. This means that your assets could end up going to someone who you never intended to inherit, and those you intended to inherit may miss out.
  • Your medical and financial decisions could be left in the hands of someone you don’t know or someone you don’t trust.
  • The lack of an estate plan can lead to inter-familial conflict over how assets should be distributed, which can be costly for your estate and damaging to your family members’ relationships.

Are there other times to consider estate planning?

Absolutely. Major life events should also trigger you to create or modify an estate plan. These life events may include any of the following:

  • The death of a loved one
  • Your own marriage or the marriage or someone else’s
  • Your own divorce or the marriage dissolution of a family member
  • A changed relationship with a family member
  • The acquisition of new assets, especially if they carry significant value
  • The birth of a child or grandchild.

Don’t be frightened by the process

 A lot of people put off estate planning because it seems too confusing or because they are afraid to confront their mortality. But don’t let these reasons dissuade you from creating the plan that you need.

To make the process easier on yourself, you might want to discuss your vision of the future with an attorney who is well-versed in estate planning law.