Everyone can benefit from the comfort of knowing that the distribution of their personal belongings will be taken care of when they pass away. However, many choose to ignore their estate planning, and that’s never a good idea. Estate planning is essential for any person who wants to maintain peace of mind and confidence in knowing that all of their assets will go to their loved ones.
This being said, when is the most ideal time to start estate planning?
When Is the Best Time to Get Started on Estate Planning?
1 – When You’re Good and Ready
The best time to start on estate planning is when you’re ready to get started on it. You don’t need to wait for a specific event to occur or for a specific document to be signed. The most important thing to remember when it comes to estate planning is that it’s never too early, and it’s never too late. Once you’re comfortable with the idea of estate planning, then it’s time to move forward with the actual planning.
2 – When You’ve Hit Certain Milestones
In addition to the fact that estate planning is never too early or too late, there are many different milestones that can inspire you to get started on the estate planning process. These milestones can include but are not limited to having children, buying a home, getting married, having a life-threatening illness, and more.
3 – When You’ve Accumulated Assets
It’s also a good idea to get started on estate planning when you’ve accumulated assets. It’s not a bad idea to get started when you’re young and don’t have very many assets, but there’s one thing that you should keep in mind: the more assets you have, the more your estate plan will cost.
4 – When Your Financial Situation Changes
There can also be many different reasons why you might want to get started on estate planning when your financial situation has changed. For example, there may be times when you move to a different state or when you experience a life-changing event. Many times people are more at ease when they’re in a different financial situation, and that can be a good time to get started on estate planning.
5 – When You’re Going Through a Difficult Life Event
It’s important to consider protecting your assets if you’re going through a difficult life event. For example, if you’re planning on moving to a new location, taking a different job, or starting a new business, it’s essential for you to make sure that your assets are protected to prevent people from taking advantage of you.
Estate Planning Looks Different for Everyone
No one can ever say with 100% certainty that they know exactly when they need estate planning. However, there is one thing that’s certain: estate planning is important, and it’s always a good idea to get started on it sooner rather than later.
Estate planning looks different for everyone, and that’s okay! Just because your neighbour has a will and a trust in place, that doesn’t mean that you need the same exact estate planning documents. What does it mean? It means that you’re free to create your estate plan in the way that best suits your particular needs.
If you need help with estate planning and elder law, come to Amanda Dobbie and Associates. Let us help you gain peace of mind by putting your estate in order today!