People often want to know when they should create a trust plan or will plan.  Commonly, they want to know at what age should an individual seriously consider creating an estate plan.  Unfortunately, there is no chart, graph, or formula that can be used to determine when estate planning is right for an individual.  The real answer to this question is an answer commonly given in the legal world:  it depends.  My recommendation is that it is never too early to start creating your estate plan.  If you have assets that are important to you, and you care about what happens to them when you are gone, you need to seriously consider creating an estate plan.  Even if you do not hold substantial assets, like property or large investments, you probably care about what happens to your car, baseball card collection, or other personal belongings if you were to pass away.  An estate plan can alleviate some of these concerns.

Maybe you are still relatively young and have a spouse and young children.  It is important to have an estate plan in place that dictates how your assets are to be used in order take care of your spouse and children if you were to pass away.  Your estate plan can also express your wishes concerning guardianship for any minor children in your care.  An estate plan can remove much of the worry, that plagues many individuals, over what would happen to one’s family if one were to pass away.

Carefully consider your personal situation.  Look at your assets.  Do you have assets, such as property, real estate, and brokerage accounts, that may warrant a trust plan?  Do you own valuable personal belongings that you wish to leave to specific individuals?  If you have goals or wishes for your assets, creating an estate plan is a smart life choice.

For additional reading:

Maintaining Your Estate Plan

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