The best time to create your estate plan is before you need it. Most adults benefit from having an estate plan in place long before retirement or a medical emergency, especially after major life events such as marriage, having children, buying a home, or starting a business.
Many people assume estate planning is only for retirees or those with significant wealth. In reality, it helps ensure your wishes are documented and important decisions are not left to the courts.
When Should You Create an Estate Plan?
There is no single age when estate planning becomes necessary. Instead, the right time is usually when you become responsible for people, property, or financial decisions.
You should consider creating or updating an estate plan if you:
- Turn 18 and want someone you trust to make medical or financial decisions if you become incapacitated.
- Get married or divorced.
- Have or adopt a child.
- Purchase a home or other significant assets.
- Start or grow a business.
- Receive an inheritance.
- Retire or begin thinking about long-term care planning.
In Louisiana, parents should also be aware that the state’s forced heirship laws may affect estate planning for some children, making it even more important to create or update your estate plan as your family grows.
Waiting until later in life can limit your options if illness or diminished capacity prevents you from making legal decisions.
Why Is Creating an Estate Plan Early Beneficial?
Starting early gives you more control over important decisions and allows you to update your plan as life changes.
An estate plan can help you:
- Decide who will receive your property.
- Name guardians for minor children.
- Choose someone to manage financial matters if you become unable to do so.
- Appoint a trusted person to make healthcare decisions.
- Reduce confusion and potential disputes among family members.
Estate planning is not a one-time event. Your plan should evolve as your family, finances, and goals change.
Is It Ever Too Early to Start Estate Planning?
For most adults, the answer is no.
Even young adults may benefit from basic estate planning documents, particularly healthcare directives and financial powers of attorney. Once a person reaches adulthood, parents no longer have automatic authority to make medical or financial decisions on their behalf.
As you accumulate assets or your family grows, your estate plan can expand to include additional documents and strategies that reflect your changing circumstances.
What Happens If You Wait Too Long?
Delaying estate planning can create unnecessary uncertainty for your family.
If you become incapacitated without the appropriate legal documents, your loved ones may have to seek court involvement before they can manage your financial affairs or make certain decisions on your behalf.
Likewise, if you die without a valid will in Louisiana, your property generally passes according to the state’s intestate succession laws rather than your personal wishes. While these laws establish who inherits your estate, they may not reflect the outcome you would have chosen for your family.
Planning ahead allows you to make these decisions yourself instead of leaving them to default legal rules.
How Often Should You Update Your Estate Plan?
Creating an estate plan is only the beginning. We generally recommend reviewing your plan every few years and after any significant life event.
Common reasons to update an estate plan include:
- Marriage, divorce, or remarriage.
- Birth or adoption of a child or grandchild.
- Death or incapacity of a beneficiary, executor, trustee, or agent.
- Significant changes in assets or business ownership.
- Moving to another state.
- Changes in your personal wishes or family relationships.
Regular reviews help ensure your documents continue to reflect your current goals and comply with applicable law.
The Right Time to Plan Is Before You Need It
There is rarely a perfect time to create an estate plan, but waiting often creates more uncertainty than acting now. Whether you are starting your first estate plan or updating existing documents, making these decisions today can help protect your family and preserve your wishes for the future.
At Buhrer Law Firm, we work with individuals and families throughout Louisiana to create estate plans tailored to their goals and circumstances. Contact us today to schedule a consultation and begin building an estate plan that reflects what matters most to you.