Q: When should I make an estate plan?
A: Whilst none of us like contemplating our own mortality or losing the ability to make decisions for ourselves, not doing so can leave you vulnerable and unprepared for when incapacity or death does strike.
Dealing with the issues of your estate and putting in place appropriate plans will ensure you, your wealth, your family and loved ones are protected should the worst happen.
Estate planning is not just for those who are retired either. None of us have the ability to predict the future or know for certain when illness, accidents or death will occur. Putting an estate plan together early is good practice. Don’t forget this can always be changed later to fit with new wishes, personal circumstances or changes in the law.
No matter how much “wealth” you own, estate planning is good practice. It can mean a great deal to families with modest assets. By planning out taxes and costs, inheritance can be significantly increased and improve a family’s financial situation.