How Do I Know When It’s Time to Start Estate Planning?

By Attorney Joshua Matthews, Sinclair Prosser Gasior

If you’re wondering whether it’s time to begin your estate planning journey, it likely already is.

Estate planning is often seen as a task for the wealthy or the elderly – but the truth is, everyone can benefit from having a plan in place. Many people delay this important step, unsure about when the right time is to start. Here are some key indicators to know when the time is right: 

1. You’ve Experienced a Major Life Change 

Marriage, divorce, the birth of a child, purchasing property, or starting a business – these milestones impact your financial and personal situation and are clear signs that it’s time to establish or revise your estate plan to reflect your new circumstances. 

2. You’ve Accumulated Substantial Assets 

If you’ve built up savings, investments, real estate, or other valuable property, having a comprehensive estate plan ensures these assets are distributed according to your wishes. Without a plan, state laws dictate asset distribution and may not align with your intentions. 

3. You Want to Protect Your Family and Loved Ones 

Estate planning goes beyond asset distribution. It involves safeguarding your family’s future by appointing guardians for minor children, establishing trusts to avoid probate, and providing clear instructions to manage your estate and care for loved ones. 

4. You Are Concerned About Taxes and Probate Costs 

Proper estate planning can significantly reduce the tax burden and legal fees your estate may face, preserving more of your assets for your heirs. A tailored plan also helps your family avoid the costly and time-consuming probate process. 

5. You Need to Establish Healthcare Directives and Powers of Attorney 

Planning for incapacity is essential. With the right legal documents – including health care directives and durable powers of attorney – you can ensure trusted individuals are empowered to make health care and financial decisions on your behalf. 

6. You Seek Peace of Mind 

Ultimately, the greatest benefit of estate planning is peace of mind. Knowing that your wishes will be respected and your family protected allows you to focus on what truly matters. 

Even if you already have a plan in place, we recommend reviewing your documents in the situations listed above, or at least every 3-5 years, to confirm your plan aligns with your intentions and complies with current laws. 

Attorney Joshua Matthews is an associate at Sinclair Prosser Gasior. Contact Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.