You're 40 years old, in the middle of your life. You're married, you have two kids, and you have a good job. You recently bought your dream home in the suburbs. Life has played out exactly how you wanted it to, and you assume you have decades left to enjoy it.
Is now really the time to think about estate planning? Or is that something you can put off until you get closer to retirement?
The reality is that you should do your estate planning as soon as possible. It is never too soon to get things in order.
After all, though it is not pleasant to think about, you do not know how long you have left. Hopefully you have 40 or more years to plan and you really are in the middle of your life, but you could get in a car accident on the way to work tomorrow. Life carries many risks -- accidents, disease, natural disasters -- that you cannot predict. If you do not live to be 80 or 90, you still want to have your estate plan in order.
Plus, you now have children and significant assets. Don't you want to make sure that those assets are properly distributed to your family if you pass away? You have worked hard to build this life for them. Estate planning is just one more step to take to make sure they get to enjoy it.
Remember, it is better to plan in advance and not need the plan than to put it off for too long. Make sure you know what legal steps to take to get your plan in order.