Essential Timing and Milestones for Families, Business Owners, and Real Estate Investors

When to do estate planning

Estate planning is a vital step in securing your financial future and protecting the well-being of your loved ones. Estate planning is for everyone, not just the wealthy. In this article, we will explore the essential timing and milestones for families, business owners, and real estate investors to engage in estate planning. By understanding when to start, you can ensure that you have a solid plan in place to safeguard your assets and provide for your family.

Timing for Families, Business Owners, and Real Estate Investors:

Estate planning is a proactive process that requires careful consideration and timely action. While the exact timing may vary based on individual circumstances, certain milestones and life events often serve as triggers to initiate the estate planning journey.


A new marriage prompts the need for estate planning. It is an ideal time to discuss your financial goals, establish joint ownership of assets, and consider the creation of wills, powers of attorney, and other vital documents that protect each other’s interests. Being married does not entitle you to make binding financial or health care decisions for your spouse.

Birth of a Child:

The birth of a child brings newfound responsibilities and heightened concerns for the future. Estate planning is crucial for ensuring that you’re protecting your child’s well-being and financial security. This includes designating guardians, establishing trusts, and planning for their education and future needs.

Starting or Acquiring a Business:

Your business assets can become frozen the moment something happens to you. Additionally, it’s thrown into probate and guardianship litigation because there is a failure of succession. Estate planning becomes crucial to ensure that your business operations, financial security, and liability limits are all sound. This includes designating successors, ensuring proper ownership of stock or membership shares, and ensuring that the business has a plan in place for proper emergency and long term management.

Major Changes in Circumstances:

Significant life events such as divorce, the death of a spouse, or inheriting substantial assets warrant a review and update of your estate plan. These changes can impact the distribution of your assets and necessitate adjustments to your beneficiaries and estate planning documents.

The Importance of Everyone Having an Estate Plan:

Asset Protection:

An estate plan helps protect your assets from unnecessary taxes, creditor claims, and legal disputes. By establishing trusts and implementing sound strategies, you can preserve your wealth and ensure its smooth transition to your beneficiaries.

Wealth Transfer:

Estate planning allows you to dictate how your assets will be distributed. It can also minimize potential conflicts and ensuring your wishes are honored. It also provides an opportunity to mitigate estate taxes, thereby preserving more of your wealth for future generations.

Well-being of Loved Ones:

Beyond financial considerations, planning addresses critical issues related to your loved ones’ well-being. It enables you to name guardians for minor children, plan for the care of individuals with special needs, express your healthcare preferences through advance healthcare directives, and minimize disruptions to your business.


When it comes to estate planning, the key is to start sooner rather than later. By considering the essential milestones and triggers discussed above, families, business owners, and real estate investors can take proactive steps to protect their assets, secure their financial legacies, and provide for their loved ones. Estate planning is a powerful tool that empowers you to make decisions today that will shape the future for generations to come. Remember, estate planning is for everyone—it’s never too early to start, but don’t wait until it is too late.

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