Most of us may want to hold off for numerous reasons when it comes to estate planning. Whether it be the tasks in the process striking us as daunting and overwhelming, believing that we have nothing to worry about for at least a few decades, or simply the fear surrounding our immortality, there are various explanations people give for pushing off their estate planning.
However, whatever our reasons may be, it is not such a bad idea to get ahead of the game and establish plans for our loved ones to follow even after we’re gone.
So, when is the right time to start planning your estate?
According to most financial advisors, the moment you become a legal adult is an ideal time to start
In the United States, this is when you turn 18 years old. Although 18 may seem extremely young and most people are just setting up their own savings account, familiarizing yourself with the estate planning process will only help you in the future.
You also may want to start or update your estate plan if you have already made one after the following major life occurrences:
- Home and Property Ownership
- Marriage
- Travel
- Having Children
- Divorce
Since your spouse or children will likely be the executor of your Will and will carry out the provisions of the Will and administer your estate, it is essential that you do not leave them stranded and unsure should your death be unexpected.
Even if you believe that you have plenty of time to plan out your estate, it is wise to ensure that everything is accounted for the moment you become a legal adult in charge of your own finances and property.
Contact us today for a free consultation and kickstart the process of planning your estate.
