Estate planning is one of those responsibilities that people generally don’t enjoy addressing. Most people have an endless array of excuses for why they continue to procrastinate about estate planning. They have big financial moves in the works or intend to expand their families soon. They may feel like they are still too young and healthy to need to think about incapacity and death.
The unfortunate reality is that quite a few people end up procrastinating for so long that they die without an estate plan. Their loved ones are then vulnerable because no prior arrangements have been made, and no notice as to what should happen with their property has been detailed.
When is the best time for someone to start the estate planning process?
As soon as an individual becomes an adult
Many people think of estate planning as a way to distribute property or protect dependents. Someone who hasn’t yet accumulated much property and who doesn’t have a spouse or children may dismiss the idea that they need an estate plan.
However, they have not considered their own vulnerability adequately. Medical privacy laws leave new adults in a particularly precarious position. Their parents no longer have any authority to make choices about their care or to access private information about their condition. That remains true even in an emergency that leaves someone unconscious or dependent on life support.
New adults may benefit from drafting advance medical directives explaining their medical preferences and powers of attorney that grant trusted individuals the necessary authority to manage their finances and make medical decisions. They can then update those documents as their lives progress.
After becoming a spouse or parent
People who don’t choose to take action for their own protection may instead find motivation due to concern about their loved ones. Parents and spouses often want to provide for their loved ones should an emergency occur. Creating an estate plan after getting married or becoming a parent allows someone to provide financial support for their dependents and to take the pressure off of their closest family members in the event of a medical emergency.
After achieving personal success
Even those who have not yet developed their families may have valuable assets in their names. Those who own real property, businesses or investment accounts might want to create estate planning documents to address their resources. Otherwise, intestate succession laws that prioritize close family relationships dictate what happens with their assets when they die.
People often need to continually revisit and update their estate plans as their circumstances change. Yet, getting started with initial documents is the first crucial step for the protection of a testator and the people they love in this regard.
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