In the wake of recent global events, there has been an important shift in dialogue occurring particularly among friends, family, and clients. Many are now asking, “When should I think about estate planning? Is it really necessary for me to have an estate plan?” As life itself is notoriously unpredictable, the importance of early planning when it comes to one’s own estate cannot be understated. Echoing this sentiment is esteemed legal advising organization, Blank Rome LLP.
Within the firm’s most recent article titled “Don’t Wait until Time Is Up”, key takeaway is the significance of adopting some form of estate planning upon reaching the age of majority. This age varies, but is typically 18 years old across most states. It’s worth noting however, that everyone’s estate planning needs will differ depending on various elements such as their specific situation, life stage, financial status and more.
The consensus among legal and financial professionals alike is clear: it’s ideal to preemptively think about estate planning as soon as you are legally able to do so. Although this might seem premature, especially for younger individuals, it is the approach that most adequately safeguards your wishes and protects your loved ones. Additionally, it effectively minimizes uncertainties that could arise during a highly challenging and emotional period.
Despite its evident importance, estate planning remains an overlooked aspect of personal finance, often pushed to the back burner until a pressing event triggers reaction. Legal professionals, we must advise our clients to not wait until time runs up, but rather to plan well ahead. Life’s pace is relentless and uncertainties are inevitable, but having a plan set in motion could lessen the burdens of the unforeseen obstacles that lie ahead.