Why now
The sooner you have an estate plan the sooner you have addressed risks. If you are an adult who has any assets or dependents, you should have a plan. Nevertheless, some people wait until one or more of the following:
Common reasons to start
You have a child, or one is on the way
This is one of the most common reasons people start. Without a plan, you haven't named who would raise your child if you and the other parent both couldn't — a decision you'd rather make than leave to a court.
You got married or partnered
Marriage changes a lot of assumptions about who inherits what and who's authorized to make decisions for you. If your plan (or lack of one) still reflects your life before this relationship, it may not reflect your actual wishes anymore.
You bought a home, or your assets have grown
Real estate and larger portfolios often need more deliberate handling to pass the way you intend, and to avoid unnecessary delays for the people you leave them to.
You're caring for aging parents
It's common to end up thinking through your own plan at the same time you're helping a parent with theirs. If you don't have one yet, this is often the moment that prompts it.
Your family situation has changed
Divorce, remarriage, a blended family, or a change in who you'd trust with major decisions are all good reasons to create a plan, or revisit one you already have.
You don't have a plan at all
This is the most common reason of all — most people simply haven't gotten to it yet. Without a plan, state law decides who receives your assets and who's responsible for your affairs, a situation known as dying intestate. It doesn't take a specific life event to be a good reason to start.
The cost of waiting
Putting it off doesn't reduce the need for a plan — it just leaves things unsettled for longer and creates unnecessary risks. And after an estate plan is in place, keeping it current as your life changes is far simpler than starting from nothing.