Many people think that it makes sense to wait to make an estate plan. In fact, since most people don’t have an estate plan, researchers have asked them for the reasons why. Planning to do it at a later date is one of the top reasons they give.
Usually, people assume two things. First, they believe they will have more assets when they’re older, so they want to wait until their estate plan can address everything. Secondly, they assume they will live into their 70s—since life expectancy is over 70 globally and near 80 in the U.S.—so they plan to wait until they are closer to the time when their family will need an estate plan.
Drafting the plan early and making updates
But it’s often better to draft an estate plan early, remembering that you can always make updates. If you acquire assets, have children, get married, sell major assets or take any other steps, you can simply review and revise your estate plan. Making updates and changes ensures that it continues to reflect everything you own and everyone in your family.
Additionally, getting a plan on file as soon as possible means that your family has the guidance they need if you pass away unexpectedly. If you do live to life expectancy or even beyond, you can continue making updates so that your estate plan remains current. But if you pass away early due to an unexpected illness or injury—such as in a car accident—you haven’t missed your chance. The estate plan already exists, and your family benefits from it.
If you don’t have an estate plan yet, it may be time to consider drafting one. Carefully consider all of your legal options.