Estate planning is an important part of growing older. As you age, you start to collect more assets, develop relationships with others and gain the understanding that you won’t always be here. You want to leave assets behind to those you love and to protect yourself and your family in the case that you’re hurt and unable to care for yourself.
Estate planning covers those end-of-life concerns and issues you may struggle with if you’re suddenly disabled and unable to care for yourself.
How soon should you implement an estate plan?
When you should establish your estate plan will depend on a lot of factors. You can start at any time once you turn 18, though, so it’s always smart to think about it once you reach adulthood.
Some instances that point to it being time for an estate plan include:
- When you are getting married or starting a family
- When you live with a partner but not intending to marry (since the estate plan can assign them as a beneficiary of your estate)
- If you find out that you have a degenerative disease or illness
There is no perfect time to start, but you should know that you can start now. If you have assets that you want to protect and an opinion on what happens to those assets after you pass away, then it’s important to set up your estate plan. If you have children or dependents, you may also want to set one up now. Your attorney will walk you through the steps if you decide to put one together.