When it comes to estate planning, there is no one-size-fits-all answer, but there are some general guidelines that can help you decide when to initiate estate planning. Estate planning is of the essence, regardless of how old or young you are. It's never too early or too late to initiate it and start figuring out what you want to happen to your property and assets when you depart. So if you're wondering whether you should start estate planning now or later, here are some things to consider.
1. If You Have Young Children
There are a few things you need to consider when estate planning, such as who will care for your children and how they will be taken care of financially. Without a will or trust, decision-making about your children's future could end up in the hands of the court. By taking the time to put a plan in place now, you can give yourself and your family peace of mind in the future.
2. If You Have a Lot of Assets
You obviously don't want all your hard work to go down the drain when you are gone, so you should be intentional in planning how your assets will be distributed. This includes deciding who will inherit your property, possessions, and money. You also need to make sure that your wishes are legally binding. Estate planning can be a complex process, but it's important to put some thought into it so that your beneficiaries will be well kept when you're no longer there.
3. If You're Getting Older
As you get older, you get to accumulate more and more assets, and it is good to ensure you plan ahead about how your loved ones will manage them. You also become more aware of your mortality, which is a good sign that you need to prepare and plan the distribution of your estate.
So, whether you're young or old, rich or poor, there's no excuse not to have an estate plan in place. It may seem daunting, but it doesn't have to be. The crucial thing is to initiate the planning as early as possible, for life can be very unpredictable. This will also ensure that those you intend to have in your will have some sort of guarantee. You should talk to an attorney who can help you through the process so that you can avoid making any legal mistakes and make sure that your will is legally binding. Don't wait until it's too late—get started with estate planning today.