One interesting thing you’ll find when considering estate planning is that a lot of people haven’t done it yet. It’s not that they don’t think it’s important. They’re just planning on doing it at some hypothetical point in the future.
One reason they’ll sometimes give for this behavior is that they think it’s just too early. They want to make an estate plan when they’re closer to the end of their life because they will have acquired more assets, they will have a better idea about their medical situation and things of this nature. They don’t want to make their plan too early and then have it become massively outdated as life changes over the next few decades.
You can always update the plan
If you’ve been worried about this, don’t be. You can’t make your estate plan too early. The reason is that you can always review and update the plan when necessary. If more potential beneficiaries are born in your family – like your grandchildren – or if your assets or health situation changes significantly, then you can change your estate plan to match.
In this sense, it is much better for you to make the plan early. If you pass away unexpectedly, your family has a plan that fits their life at that time. If you live as long as you expect, then you update the plan when needed and your family is still taken care of. Either way, they have what they need – if you take the proper steps in advance.
Therefore, the key is simply to know what legal steps you need to take to create or update your estate plan. It can help to have an experienced legal team on your side.
