You can create your estate plan at any time. However, 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. In this blog post, we discuss when to start estate planning.
When Should You Start Estate Planning?
When to start planning for your estate depends on your goals and the size and complexity of your estate. If your estate involves business interests, multiple properties, significant investments, or complex family dynamics, creating a comprehensive plan may require more time.
What Are Your Estate Planning Concerns?
Estate planning can prepare you for medical emergencies such as accidents and illness that could leave you temporarily or permanently incapacitated and unable to speak for yourself. Set up advance healthcare directives while you remain in good health.
- You can create a family mission statement to help guide future generations toward a goal that is meaningful to you.
- You can set conditions that reward specific behaviors.
- You can contribute to a 529 plan or directly to education institutions to highlight the importance of a quality education for heirs.
- You can start a foundation or limited liability company to provide direction and purpose for family wealth.
- There are many ways to preserve your legacy and values while ensuring the success of future generations.
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
What Immediate Circumstances Are Urging You to Plan?
- If you are expecting a child, establish guardianship arrangements through your will or a separate document.
- If you are getting ready to close on a new vacation home, consider how the property fits into your broader estate plan and legacy.
- If you are an entrepreneur or business owner ready for retirement, you can outline a succession plan.
Is It Possible to Plan Too Far in Advance?
There is a balance. Estate planning documents, such as wills and trusts, should be clear and concise to avoid confusion and disputes. Planning too far in advance might lead to numerous “ifs” and conditional clauses that can complicate or confuse your intentions. The more complex your situation becomes, the greater the potential for misunderstandings among your beneficiaries and those responsible for executing your wishes.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
