You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during your lifetime.

When Should You Start?

While there is no specific age requirement to create an estate plan, at a minimum, you should create financial and medical powers of attorney when you legally become an adult. Once you accumulate some money and property, you should create a more comprehensive estate plan. Many young adults start families and have minor children, which could require a guardianship being established for the children should something happen to both parents.

What Are Your Concerns?

Estate planning can prepare you for medical emergencies such as accidents and illnesses that could leave you temporarily or permanently incapacitated and unable to speak for yourself. Advance healthcare directives including living wills and medical powers of attorney should ideally be established while you are still in good health to ensure your wishes for care and treatment are known.

Different Stages of Life and Circumstances

When significant changes happen to you or your family, they become reasons to create an estate plan or update an existing one. Your estate plan is a living set of documents, not a one-and-done task to cross off your list of things to do. Here are a few events that require contacting your estate planning attorney:

• Marriage and divorce
• Birth and adoption
• Death of a spouse or child
• Purchase or sale of significant property and investments
• Starting a business
• Receiving an inheritance

Each decision you make during the estate planning process will significantly impact your money and property, your loved ones, and the future distribution of your wealth. That is why estate plans should be routinely reviewed to ensure they continue to align with your goals, are relevant to your current situation, and keep up with the legal and financial landscape.

Estate Planning Is an Ongoing Process

While there is no specific timeframe for creating your estate plan, starting early and periodically reviewing your plan is recommended. Focus on what is important today, knowing your estate plan is flexible and adaptable to future changes. Doing this ensures your plan will always reflect your values, provide for your loved ones, and secure your legacy.

Let our experienced estate planning attorney’s guide you through the process of developing a plan that suits your unique circumstances and goals.