It’s not exactly comforting to think about your eventual death. However, planning ahead for your assets and finances is an important part of protecting your legacy and ensuring your loved ones are taken care of. 

So, when exactly is the right time to start thinking about an estate plan? Most advisors would suggest you begin the planning process the moment you become a legal adult, according to this The Week article. It’s also important to continue to assess and adjust it accordingly every five or so years afterward. There are also several big life changes that can prompt an update to your plan, such as when you purchase a new home, inherit money or assets, marriage or divorces, and more.  

The thought of creating an estate plan can be overwhelming for some. If you’re wondering where to begin, it would be wise to first make an inventory of all your assets, accounts, and liabilities. This will help you when you begin making your will or trust. You may also want to begin considering whom you will want to name as a beneficiary.

If you need assistance in the preparation of your estate plan, the team at Rhodes Law Firm would be happy to help. Contact us today to learn more!