One of the most common misconceptions we encounter in estate planning is that it’s a one-time event—a box to check off, a document to file away, and something never to revisit. Nothing could be further from the truth. In reality, estate planning is a process that should grow and evolve as you do. Just like your financial, personal, and health needs shift over time, so should your estate plan.
People often ask, “When should I start my estate plan?” It’s a fair question based on a false assumption—that we know when we’ll need it. The truth is, we don’t. That’s why our philosophy is simple: we’d rather you have your estate plan years too early than one day too late. Life is unpredictable, and the earlier you start, the more opportunity you have to refine, improve, and adapt your plan over time.
A well-structured estate plan is built around three core goals:
- To preserve and protect your assets from lawsuits, probate court, nursing home costs, and market volatility.
- To simplify and consolidate your affairs, making it easier to manage as you age and eventually transition your legacy.
- To distribute assets in a simple, tax-efficient manner, ensuring your loved ones or charitable causes benefit in the best possible way.
Understanding how we achieve these goals varies dramatically depending on our age, life stage, and circumstances is critical. A 58-year-old preparing for retirement has different needs than an 88-year-old entering a more vulnerable phase of life. That’s why flexibility is the most essential feature of any quality estate plan.
At 58, you may be focused on protecting assets from market risks, setting up trusts, or considering long-term care planning. By 68, you may consolidate accounts, clarify your legacy wishes, and prepare for more passive financial management. At 78, you’re likely focusing more on simplifying administration, health-related directives, and ensuring your family knows your intentions. And by 88 or 98, the focus may shift entirely to efficient asset transfer, avoiding unnecessary taxes, and ensuring end-of-life wishes are respected.
The point is simple: you are not the same person at 88 as you were at 58. Your estate plan should reflect that journey, not lock you into outdated goals.
So, when should you start? Most people begin serious estate planning in their upper 50s, when retirement and asset preservation become real priorities. This is the ideal time to start assembling your multidisciplinary team. A solid estate plan requires more than just a will or trust; it requires collaboration across professional domains:
- Attorneys to draft and structure legal documents
- CPAs to analyze tax impacts and minimize liabilities
- Investment professionals to guide financial strategies
- Insurance advisors to mitigate risk and enhance liquidity
- Nursing home and elder care specialists to plan for long-term health costs
- Funeral professionals to ensure your final wishes are handled with dignity and clarity
Each expert brings a unique perspective and skill set. Together, they ensure your estate plan is comprehensive, current, and customized.
Finally, a critical part of estate planning is regularly reviewing and updating your plan. Major life events—marriages, divorces, births, deaths, retirement, changes in tax law, or significant changes in health or finances—should trigger a review. Even without significant changes, a check-in every 3–5 years ensures your plan still aligns with your current goals and circumstances.
In short, estate planning is not a one-and-done task, but a lifelong process. The earlier you start and the more often you revisit it, the more successful and stress-free the outcome will be. Build in flexibility, work with a strong team, and commit to making estate planning an ongoing part of your personal and financial life. Your future—and your family’s—deserves nothing less.
