Estate planning is something everyone should do. Many people have the misconception that they shouldn’t think about planning until they are seniors or reach a certain age. However, that is far from the truth. Our Rockford estate planning attorneys explain when you should start thinking about estate planning.
The Best Time to Start Estate Planning
Estate planning is primarily used to help you make sure your end-of-life wishes are followed and your loved ones are taken care of after you pass away. Life is unpredictable, so although we can only hope that our estate plan won’t be needed until years from now, we don’t know when the time will come. For such reasons, it is important to start estate planning as soon as you are responsible for your finances, healthcare, and have assets to protect.
Even though you might be a young spouse, you should think about having an estate plan in place that will protect your spouse or children. No matter what age you are, you should start thinking about having an estate plan if you have any of the following:
- You own property
- You are married or got remarried
- You have children
- You inherited money or other assets
- You are getting or were recently divorced
- You have grandchildren or newly born children
If you start estate planning at a young age, it is important to note that you should revisit your estate plan at least once every three years or after a major life event like the ones mentioned above. Estate planning laws also change from time to time so it is vital that you keep them up to date to ensure they will do what they are intended to.
If you want to get started on your estate planning process, get in touch with our Rockford estate planning attorneys at Reno & Zahm LLP to schedule a consultation!