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5 Life Milestones That Indicate the Time to Start Estate Planning

Many people postpone estate planning until the “right time,” which seems to be when the individual feels old enough, and the kids are moving out. While this is certainly an important time to start thinking about estate planning, it isn’t the only time. There may be a more opportune time to begin than one first might think.

Alarmingly, research by Finder indicates that 52% of Australians do not have a Will.1 Without a Will, you cannot safeguard your wealth and ensure that your intended beneficiaries are well protected in case you pass away rather than hinder their future.

When to Start Estate Planning

The best time to do estate planning is when you’re sound and able. Here are several life milestones when you can start estate planning:

1. When You Open a Savings Account

A savings account is a good place to start an estate plan. Even if you don’t have a lot of money, it is never too early to start thinking about what will happen to it when you pass away. A savings account that you can bequeath to your beneficiaries can be a great financial tool that can be used to help those you care about most in the event of your death.

2. When You Buy a Property

When you buy a property, you are taking ownership of an asset of significant value. This is a good opportunity to think about your estate and what happens to the asset when you go. While this is not a legal requirement, it can be helpful for you to clarify the future of your asset.

3. When You Get Married

If you get married and want to combine your finances with your spouse, it is a good time to start planning your estate. If your spouse is your primary beneficiary, it may also be good to update your Will to reflect this change. Alternatively, if you want to leave financial or personal assets to someone other than your spouse, you need to outline this in a Will.

4. When You Have a Child

If you have a baby, think about creating a revocable trust that will be used to protect your child’s assets. Because the child is not fully responsible for the decision-making of the money and property, the trust can be useful until they are ready to take control of the money. As a bonus, the trust can allow you more flexibility regarding the distribution of your assets.

5. When You Get an Inheritance

If you receive an inheritance, now would be a good time to start thinking about how to protect that inheritance. A trust can be used as a good tool to ensure that your inheritance is safe and protected from anything that might happen in the future.

Now, When Should You Set Up a Trust?

When it comes to setting up a trust, it’s best that you set this up when you have more assets.

For instance, if you have a large inheritance, a large sum of money in your savings account, or assets that you would like to protect and you want to make sure that they are protected if you’re no longer around, setting up a trust is a great option.

Ready to Create a Legacy?

The earlier you start planning, the more options you have to work with. Frequently, most Australians wait until they have a large amount of money in their savings before they start thinking about their legacy.

However, as you can see, there are a number of different events that make it a good idea to start thinking about estate planning before you reach a certain point.

Start your estate planning by speaking with a financial advisor and estate planning solicitor.

Do you need the expertise of an experienced financial adviser in NewcastleCall us or book online to secure your complimentary meeting today and learn how we can work together to provide for your family’s future.



  1. https://www.news.com.au/finance/money/wealth/new-research-reveals-52-per-cent-of-adult-australians-dont-have-a-will/news-story/a93f8904936956b48f7f840195413f9c


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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