The best time to create an estate plan is now. In general, people contemplate estate planning for weeks, months or even years before finally taking action. For some, it is a birthday, a life event or the start of a new year that finally inspires them to get started. If you are finally ready to put down in writing your plans for the future, you should speak to an experienced professional to make sure everything is done properly.
Creating a will
Many people conflate estate planning with the creation of a will. Estate planning embodies much more than completing a last will and testament. A properly executed will is important, but it is just one tool used to help make your goals a reality. Creating a will is an important step, but most people need more than that to protect their interests.
Your estate plan should be tailored to your life. Your family, assets, goals and priorities should all be considered when completing an estate plan. Many do-it-yourself guides fail to account for important details in your life. It is not enough to check a few boxes and hope the future will take care of itself. You are unique and your plan should be too.
Keeping up to date
Even if you have an estate plan, it is important to revisit it periodically to make sure it is up to date. Changes in your family structure, your portfolio, your priorities or the law can necessitate an updated plan. Taking the time to update your estate plan can protect your legacy and improve your future outlook. There is no time like the present to make sure you are on the right track.