Other than “right now,” there is no right time to start estate planning. An estate plan is not just for the wealthy, the elderly, or people with children. When properly done, an estate plan outlines what you wish to have happen after you become incapacitated or pass away.
Sometimes people use major life events to get a start on their estate plan. That is perfectly fine, and estate plans should also be modified after major life events. Some life events that are estate-altering may include: a wedding, the birth of a child, the adoption of a child, a divorce, and the passing of one of your potential beneficiaries.
Even if you do not have many assets, an estate plan can give clarity and guidance to family and friends after you pass away. It can outline what you wish to have happen to your personal belongings. It can also include burial instructions. Perhaps more important, there are documents that outline who you wish to make decisions on your behalf should you become incapacitated and unable to make decisions.
If you have minor children, the need for an estate plan is even greater. It can outline who you wish to become guardian of your children in the event of your passing. It also allows for you to direct the distribution of your assets, instead of leaving it to state distribution rules.
If you need to start estate planning and get your estate plan drafted, contact a local attorney today. We offer telephonic, in-person, and video consultations to make it as easy as possible.