It is best to consider your estate plan as something fluid and dynamic. You need to review and alter it as you go through life for it to serve you and your family as well as it can.
Here are some stages to think about:
When you first turn 18 years of age
You might not own much yet, but that does not mean you do not need an estate plan. Above all, you need to set out your health care wishes. You can do this via an advanced health care directive, choosing what life-saving or life-sustaining treatments you would want if you have in a life-threatening accident or illness.
It is one of the decisions you now take responsibility for instead of your parents. Or, if you wish your parents to retain that decision-making power, you can nominate them as your healthcare power of attorney. You can change your decision in years to come, but make sure you have something in place as things can happen out of the blue, even while you are still young.
When you become a parent
You might never have kids, but if you do, you need to put measures in place to ensure they are looked after if you die. Naming a guardian and thinking about how to fund their future is wise.
When you find or lose a life partner
Spouses automatically gain certain rights. If you choose to live with someone but not marry, your estate plan becomes even more critical in ensuring they receive things when you die. If the relationship does not last, then be sure to update your estate plan to remove them.
Getting legal help to keep your estate plan current is in the best interests of you and your family, whatever stage of life you are in.
