You know that you eventually need to make an estate plan, but you’re not sure when to do it. Maybe you think it’s more important later on in life. Perhaps you’ve never really considered it that carefully before. For whatever reason, you’re wondering when the best time would be to start making your plan.
The simple answer is that it’s probably best to make your plan as soon as possible. As long as you’re a legal adult, you have the ability to create an estate plan. You can always update it, and many people do this on a set schedule. For instance, you may decide to simply update the plan you have every three years.
But isn’t it too early?
One of the big things that people will say is that they just think it’s too early to do their estate planning. They’re too young. They can do it later.
But it can’t be too early to create an estate plan. Remember that there are things that it can do that go well beyond just dividing your assets or considering your long-term health as you age. For instance, you could be a 30-year-old parent who just wants to be able to choose a guardian for their children in case something happens to them.
But the real key is simply that estate plans can always be updated. So you don’t have to worry about doing it too early and not accounting for assets that you may acquire later. You can always add them to the plan. Having it in place as a safety net in advance is usually considered wise.
If you do think that it’s time for you to start building your plan, consider the legal steps you need to take.