When To Consider Estate Planning

Most people should start considering estate planning as early as possible, ideally once becoming a legal adult at age 18. Here are some key points about when to begin estate planning:

Start Early

Most financial advisors recommend starting an estate plan at 18 years old. At this age, you become legally responsible for your own financial and medical decisions, so having basic estate planning documents in place is important.

No Specific Age Requirement

There is no specific age at which you must begin estate planning. It’s never too early to consider what would happen to your assets if you passed away unexpectedly.

Life Events That Trigger Estate Planning

While you can start anytime, certain life events often prompt people to create or update their estate plans:

• Getting married or divorced
• Having children or grandchildren
• Starting a new job or getting a promotion
• Receiving an inheritance
• Moving to a new state
• Approaching retirement

Benefits of Early Planning

Starting your estate planning early offers several advantages:

• Ensures your wishes are known if something happens to you
• Provides guidance about your family’s financial future
• Allows you to name guardians for minor children
• Helps protect your assets from creditors
• Enables you to make healthcare decisions in advance

Regular Updates

Estate planning is an ongoing process. It’s recommended to review and update your estate plan every 3-5 years or after any major life changes.

Even if you don’t have significant assets yet, basic estate planning documents like a will, power of attorney, and healthcare directive can be valuable at any age. As your life circumstances change, you can modify and expand your estate plan accordingly.