Creating a will is one of those tasks that always feels like it can wait. There is no concrete deadline, only vague guidance on milestones when others typically create their own estate plans.
When you hit some of the typical milestones when you are young, it is easy to dismiss it as “too early” to create an estate plan. After all, it can feel like a dark task to put on your agenda.
These are some critical times you may need to think about your estate plan and why it is never too early.
Significant life changes
Part of an estate plan is leaving a legacy for your loved ones. When your path in life shifts and you acquire more earning power or assets, it can be time to start thinking about what will happen when you pass away.
You should also start thinking about your will when adding a new family member. The birth or adoption of a child is an important time to consider your estate plan since you will want a plan in place if you pass away while they are young.
But I’m still so young
The challenge with putting off an estate plan is that life is full of unexpected events. Your estate plan ensures a plan is in place if the worst happens. Your will and the other documents in your estate plan can give you and your loved ones peace of mind about what you want to happen with your assets and other responsibilities after you pass away.
Remember, if you do not have an estate plan in place, the distribution of your assets will follow the rules of intestate succession, which could create challenges for your loved ones if they need to provide for other family members.