When Should You Start Estate Planning?

When Should You Start Estate Planning?

We tend to think that we are too young to start estate planning and drawing up wills.

However, this is not the case. Once you’re earning a salary and have superannuation in place, you will likely have assets to pass on if you were to die.

We’ve outlined the significant milestones in your life that you need to look out for to start planning your estate or reviewing any plans you already have in place.

Having children

It’s important to consider who would be the best choice as guardian of your children if something were to happen. You can also outline in an estate plan when you wish for your children to take control of their inheritance. Without a will in place, they will take control when they are 18 years old. For some, this may be more importance that the distribution of assets.

Buying a home

A home is usually the first significant asset that a person owns. For that reason, it is vital to identify who this would be left to in an estate plan.

Setting up a business

Owning a business likely involves owning assets. You need to outline in your estate plan if you wish for the company to continue operating or to make other arrangements for the assets after your death. It’s best to seek professional advice to take care of legal documents.

Getting married or separated

When getting married, it’s a great idea to draw up an estate plan as will likely have several joint assets that you need to agree upon. Similarly, when separating from a partner, the assets will no longer be joined, and you may not wish for the same allocation of assets if you were to die.

A death in the family

People are often motivated to start making their estate plans when other family members die. This is especially the case when there is no will in place, and you understand the stress caused to the family when dealing with their affairs and assets.

It’s best to seek professional advice when planning your estate, but the milestones above are just some of the circumstances that could arise and indicate that you need a plan in order. If you already have an estate plan, it is recommended that you check in every few years. At The Farm Protectors, can assist in creating clear and unambiguous plans that make it easier for your executor.

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