The best time to make an estate plan? Yesterday. The second-best time? Before life decides to improvise. Here are five reasons not to wait:
1. Your wishes get a voice. A will or trust can spell out who receives your property and how (i.e. outright, staggered trusts or for their lifetime and down the blood line).
2. Your helpers are chosen. Powers of attorney and health care directives identify who can act on your behalf if you cannot.
3. Your children have a plan. If you have minor children, you can name your preferred guardian.
4. Your loved ones get fewer mysteries. Clear, current documents can spare them avoidable confusion.
5. Life changes—and your plan should, too. Marriage, a new child, or an outdated beneficiary designation deserves another look. You can’t buy a stairway to heaven, but you can make the road ahead a little easier for the people you love. No guitar solo required.