November 9, 2023

Estate Planning: Is It Too Early To Get Started?

When it comes to planning for an estate, most people wonder what the best age is to start. The short answer is if you own one or more assets, it’s never “too” early to start estate planning

What Is the Best Age To Start Planning for An Estate?

While most experts suggest that people should start thinking about estate planning in their 30s or 40s, if you own a car, are employed, contribute to a 401K or Roth IRA, are married, and/or have a child, you’ll need to begin the process sooner.

Why Is It Better to Start Planning Now?

Planning your estate sooner vs. later allows you to have full control over what happens to your assets and property in the event of your death or incapacitation. 

By creating a will, trust, or other estate planning documents, you can ensure that your wishes are carried out and that your loved ones are taken care of. Additionally, starting early gives you more time to review and update your plan as your life circumstances change, ensuring that it always accurately reflects your wishes. 

More Reasons to Start Now

By planning your estate early, you get to decide who gets what and when—again, this means ensuring your assets are distributed according to your wishes, rather than leaving it up to the state to decide. 

Think of it this way: Without an estate plan, your family will have to undergo the expensive, stressful, and lengthy probate process. Additionally, if you become incapacitated due to an accident or severe injury, a court may have to appoint a guardian or conservator to make decisions on your behalf.

This, too, can be a lengthy and expensive process, and guardianship may go to an individual you never have chosen on your own.

In contrast, if you have an estate plan that includes a living will or healthcare directive that outlines your wishes for medical treatment—in case you’re unable to communicate—you won’t have to worry about this scenario from becoming a reality. Further, your family will be able to avoid probate.  

For questions on the probate process, or if you need an experienced probate attorney to look into your case, please contact our law firm for a free consultation!

What Happens If I Wait?

Waiting too long to plan your estate can lead to unnecessary stress and complications for your loved ones, and may result in your assets being distributed in a way that you would not have wanted.

Is It Too Late to Create One?

It’s never too late to create an estate plan. While it’s best to start planning early, it’s still possible to create a plan even if you’re already older or have health issues. 

The important thing is to work with a qualified estate planning attorney to ensure that your wishes are properly documented and legally binding. 

Whether you need to create a will, establish a trust, designate beneficiaries, or plan for incapacity, an estate planning attorney can help guide you through the process and ensure that your affairs are in order. 

How Do I Get Started?

To start the process of estate planning, you can begin by scheduling a free consultation with one of our attorneys. During this consultation, you can discuss your goals and concerns regarding your estate plan, and our team can provide you with guidance and advice on the best approach for your specific situation. 

We’ll also gather information regarding your assets, beneficiaries, and any potential tax implications. From there, we’ll work with you to develop a comprehensive estate plan that meets your needs and provides peace of mind for you and your loved ones.

Don’t wait. Start planning your legacy today with KTF Law Firm!

Young professional starting her estate plan.
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