If you do not have an estate plan, you are not alone. Only about a third of Americans have estate plans. What is stopping you from making your estate plan? It could be because you do not know if it is the right time to make your estate plan. However, not making an estate plan could lead to serious issues for you and your heirs.
If you are trying to find the right time to make an estate plan, here are a few options:
After a marriage
Marriage is a large event for many people. You could decide to make an estate plan after marriage to include your spouse. Your spouse could be named as your beneficiary or power of attorney.
After having a child
You can use an estate plan to make decisions for your child’s future. For instance, you could leave an inheritance for your child through a trust. You could also name a guardian for your child. A guardian could take care of your child if no one else is able to after an accident.
After a health scare
If you have any health conditions, you may want to consider making an estate plan. You could make it to decide how your long-term health care is handled.
As early as possible
You do not need to have a reason to make an estate plan. Many people make estate plans once they become adults and update them over the years.
If you want to talk about your estate planning options, you can reach out for legal guidance.