Some people don’t write out an estate plan until they are ready to retire from their job or get diagnosed with a terminal illness. Many people will procrastinate as long as they can, preferring to not think about what will happen if they die.
Failing to create an estate plan leaves you and the people that you love vulnerable. There are certain life events that can be a good time to commit to creating your own estate plan.
When you become a parent
Perhaps the most common reason people have for creating an estate plan is welcoming a child into the world. Suddenly, you are responsible not only for yourself but for another, very vulnerable human. Estate planning once you have a child can help provide that child with resources if you die and gives you the authority to name a guardian for your children.
When you want to commit romantically without marrying
It has become increasingly common for people to establish a long-term commitment to their romantic partner without actually marrying that person. If you don’t have an estate plan in place and choose not to marry a romantic partner, they could lose out on assets you expect them to retain and could even lose the right to stay in the home that you share if you die.
When you acquire major assets like a home or a business
When you have important property, you have to think about what will happen to that property when you die. Choosing someone to receive or take responsibility for assets and businesses can be an important motivation for someone about to create an estate plan.
Thinking about your needs and the people you love can help you when you decide to start estate planning.