ABA Family Legal Guide

Estate Planning

Estate-Planning Basics

When should I plan my estate?

The time to plan for death or disability is when you're healthy. As a general rule, people make better decisions when they feel good and tend to make worse decisions when coping with mental or physical stress, strain, or illness. Moreover, a so-called deathbed will, or one made by someone whose mental competence is questionable, may invite a legal challenge.

It's also important not to procrastinate. Don't put off making your estate plan until your estate reaches a certain level or value. Even if you don't have as many assets now as you expect to have someday, it's easy to update the plan every few years as your assets increase and your life circumstances change. If you put in a few hours now learning the basics and setting up your plan, you'll know you're covered in case of an unexpected event.