Most people think of estate planning as a task reserved only for older retirees ready to pass on their estate to the next generation. This is actually one of the largest pieces of misunderstanding when it comes to estate planning and what needs to be done and when. So if estate planning isn’t just for those in their golden years, how early should you start planning out your own estate? Let’s look into some of the different factors that can help you decide when to start estate planning for yourself.
How Early Should You Start Estate Planning?
If you own a home, are married, have children, or own a business, you should start estate planning now. You don’t have to drop everything you’re doing and head over to an estate planning firm but if any of the above apply, it is in both you are your family’s interest to start planning for your estate sooner than later.
Why You Should Start Early with Estate Planning
Nothing in this world is guaranteed. Though we definitely hope you live and long successful life, things might not always unfold as you would like. That’s where estate planning early on comes in. Since anything including the unthinkable can happen to you at any moment, you need to have your plan in place. Even if it is only a portion of a full estate plan or has to change later down the line.
First Steps in Estate Planning
Your first step in estate planning should to be to meet with an estate planner to discuss your plans. The estate planner can sit down with you to discuss what types of assets you have, what you own, your family, your ideas on how you want to proceed, and more to start you on your path to your own estate plan.
The likely first thing you and your estate planner will discuss is a will. The will dictates what goes where, whom will take care of your family, who will be your beneficiaries, and so on. Having a will is the first and foremost goal when starting an estate plan and will instantly help you sleep better at night knowing that things will be taken care of.
If you’ve ever brushed off estate planning as a chore for grandparents, you may need to rethink your own thinking. If you want peace of mind that your family will be taken of and that your estate will be properly handled should something terrible happen, you need to start estate planning now.