Estate planning can be an intimidating topic for many. This can be especially true if you have never thought about it before.
The reality is, though, that there can be many benefits to making plans for your estate, or to updating your estate if you already have one. If you are thinking about estate planning but aren’t sure if the time is right, here are some things to consider.
After having children
One time when many begin to think about estate planning is after they have children. Knowing that you have dependents who will eventually inherit your estate can put things into perspective. It can be a great time to start thinking about your children’s futures, and what you want them to look like. It can also help provide peace of mind, knowing that your children will get looked after.
After retiring
Retirement is another time when estate planning begins to feel more important for some. Retirement can bring with it a lot of change, not just in free time and schedule, but in attitude towards the future. Because of this, it is a time when many assess their plans and what they want the next phase of their life to look and feel like. It can also be a good time to take stock of their finances and their estate.
Estate planning can seem difficult and stressful to some. However, it can be worthwhile and can provide you with a sense of security no matter what stage you are at in life.