Estate planning isn’t just about deciding who gets your grandmother’s necklace or the antique table. It’s a comprehensive process that involves making provisions for your assets and personal wishes after you’re gone.
But one question frequently pops up: when should you actually start this process? Let’s dive in and find the ideal time to lay the foundation for a secure future for your loved ones.
The Young and Healthy Need Plans, Too
Contrary to popular belief, estate planning isn’t solely for those in the twilight of their years. Just starting a family? Now’s a prime time to establish a will. Being young and healthy doesn’t shield us from the unforeseen. Having arrangements in place, even if it’s just covering the basics, ensures that you have a say in what happens next.
Marriage: A Life Event That Calls for Planning
When you tie the knot, your financial and personal landscape shifts. This change isn’t just about joint bank accounts; it’s about considering your spouse in future scenarios. Setting up or updating your estate plan to reflect your marital status ensures your spouse is cared for if something happens to you.
Parenthood Ushers in New Responsibilities
Having a child is a momentous life event. As a parent, it’s your responsibility to ensure your child is cared for, no matter what. Estate planning lets you designate guardians for your child, ensuring they’re raised by someone you trust.
Own Assets? You Need a Plan
Whether it’s a piece of land, stocks, or even intellectual property, owning significant assets is a clear sign you need to think about estate planning. Determining how these assets will be managed or distributed is crucial.
Starting a Business? Plan for Its Future
Business owners need a succession plan. Who will take over the helm if you’re unable to steer the ship? Planning helps ensure the business you’ve worked so hard to build continues to flourish.
Changes in Relationship Status
Divorce or the loss of a spouse can be emotionally overwhelming. These significant shifts mean it’s time to revisit your estate plan, ensuring it mirrors your current wishes and circumstances.
Retirement Planning Should Include Estate Plans
When mapping out your retirement, you’re thinking of finances, where you’ll live, and how you’ll spend your time. Your estate plan is an essential piece of this puzzle. Ensure it’s aligned with your retirement goals and provisions.
If Laws Change, So Should Your Plan
Estate laws aren’t static. When they change, you should revisit your estate plan to ensure it’s still optimal and legally sound.
Health Concerns Come to the Fore
A major diagnosis or health concern often acts as a catalyst for estate planning. While it’s a challenging time, ensuring you have provisions for health care decisions and asset distribution provides some peace of mind.
Simply Put, Now Is Always the Best Time
Waiting for a significant life event might seem logical, but the truth is, there’s no time like the present. If you’re reading this and thinking, “I’ll get to it someday,” consider making “someday” today.
Attend a Complimentary Seminar!
You are here because you would like to learn more about estate planning, and we have some fantastic opportunities coming up in the near future. We offer seminars that cover a lot of important ground, and the information is presented in an easy to understand manner.
There is no charge to attend these sessions, so this is a great opportunity to take the first step toward putting a plan in place. You can see the dates and obtain more information if you visit our Seminar Schedule Page.
Need Help Now?
If you have already learned enough to know that you should take action to put a plan in place, there is no time like the present. You can send us a message to request a consultation appointment, and our Glastonbury and Westport, CT estate planning offices can be reached at 860-548-1000.
Mr. Karpe is licensed to practice law before the courts of the States of Connecticut and Colorado, the U.S. District Court for Connecticut, the U.S.District Court for Colorado, the United States Supreme Court, and the U.S. Tax Court. He is a member of the Connecticut and Hartford County Bar Associations as well as the Estate and Probate Section of the Connecticut Bar Association. In addition, he is a member of the American Academy of Estate Planning Attorneys, the National Academy of Elder Law Attorneys and Planned Lifetime Assistance Network of Connecticut.