Estate Planning: When Should You Start?

Advantages to starting the estate planning process early include reducing tax liability, controlling your assets, and securing peace of mind.

No one knows when their time will come, but everyone should take the time to plan their estate.

It’s common for many people to put off this important task. They wait until they are older or have a medical emergency. While there is no ideal time to start planning your estate, the sooner you begin the process, the more time you will have to make informed decisions.

So is there a perfect age or specific moment in your life when you should start estate planning? Here’s what you need to know to make sure you start looking into it at the right time.

When Should You Start Planning Your Estate?

Most people don’t like to think about death, wills, and estates. But the fact is that if you don’t have an estate plan, state law will dictate how your assets are distributed after you die. You also don’t want your loved ones to have to deal with the stress of figuring out your affairs if something happens to you. So it’s essential to start the process sooner rather than later.

Ideally, you should begin as soon as you have assets that you want to protect. That includes your home, car, investments, and anything else of value. You should also investigate estate planning when you experience a life-changing event. It could be when you get married or have your first child. Additionally, the earlier you start estate planning, the sooner you can enjoy the benefits.

What are the Benefits of Starting Estate Planning Early?

There are several advantages to starting the estate planning process early. You’re able to take enjoy several benefits, including: 

• Lower taxes. The earlier you start, the more time you have to ensure a plan is in place to reduce or eliminate estate taxes.
• Additional options. If you wait until later in life to start estate planning, you may find that several options are no longer available to you.
• Peace of mind. Knowing that your estate is in order can provide a great sense of peace and security during your lifetime.
• More control over your estate. It gives you the ability to control who gets what after you die.

How Can You Start Estate Planning?

While there is no specific time frame as to when you should start estate planning, it is better to do so sooner rather than later. If you leave it until you are older or sick, you may not have as much control over your estate, and you might not be able to make certain decisions.

Everyone’s situation is different, so it is vital to consult an attorney to create a plan that is tailored to your specific needs. The team at Essayli & Brown LLP works with you to provide estate planning tailored to your unique set of circumstances. We prepare all of the required legal documents and carry them out in accordance with your wishes. Schedule a free estate planning consultation to find out more about how you can prepare for your future.

This article is intended for general informational purposes only. It does not constitute legal or tax advice, and no attorney client relationship is implied or formed by this article. You should always consult with a tax professional or attorney before taking any action. The information on this website is considered LEGAL ADVERTISING under applicable California law and may be considered advertising under your state’s laws and ethical rules. The responsible member for this advertising is D. Andrew Brown of Essayli & Brown LLP.