Estate Planning and Life’s Important Moments: Why Timing Matters
When you think about estate planning, you probably picture it as something you tackle in the distant future. But in reality, estate planning often lines up perfectly with some of life’s most meaningful (and sometimes challenging) moments. In a recent survey by GoodTrust, we found that certain milestones prompt people to think seriously about their estate plan. These moments act as reminders that while we can’t predict the future, we can take steps to secure it.
Here’s a look at how estate planning aligns with these important life stages—and why it makes sense to start (or update) your estate plan as life changes.
5. Divorce (20%): “Starting Fresh, Staying Protected”
A significant life change like divorce prompts a different kind of planning. For 20% of survey respondents, divorce was a reason to create or update their estate plan. Divorce brings a fresh start, allowing you to redefine your legacy, make new decisions about assets, and remove any roles or designations that may no longer align with your new path. Estate planning after divorce empowers you to ensure that your wishes reflect your new life and values, and it’s a chance to take control of your future independently, with the people you choose.
4. Marriage (28%): “Starting a Life Together, Planning for the Future”
Marriage is more than just combining households; it’s about building a shared future. For 28% of respondents, getting married was the life event that motivated them to start estate planning. This is a time to talk about financial goals, make shared decisions, and protect each other from life’s unknowns. Estate planning as newlyweds may not be romantic, but it’s one of the most meaningful ways to start a partnership with transparency and security.
3. Caring for an Ill Family Member (30%): “Protecting the Ones Who Once Protected You”
Sometimes, life brings unexpected responsibilities, like caring for a sick family member. For 30% of people, stepping into this role is what prompts them to create an estate plan. This moment makes us think about health, security, and legacy, not only for our loved one but also for ourselves. Estate planning ensures that if anything happens, your family can focus on what’s important—being there for each other, not worrying about the logistics of assets and responsibilities.
2. Having Children (42%): “Protecting the Little Ones”
Bringing a child into the world changes everything. Suddenly, you’re responsible for a tiny human who depends on you entirely. In our survey, 42% of respondents said that having children was a major reason to start estate planning. When you have kids, estate planning goes beyond finances; it’s about naming guardians, ensuring they’re provided for, and preserving family values. Estate planning at this stage is an act of love—ensuring that, no matter what, your children will be cared for.
1. Retiring (62%): “New Beginnings Need a Plan”
Retirement is a huge milestone, often signaling a shift in priorities and perspectives. After years of building your career and saving for the future, it’s natural to want to protect everything you’ve worked for. For 62% of people surveyed, retiring was the top reason to consider estate planning. This moment is a reminder to not only plan for yourself but also ensure your loved ones are cared for in the years to come. It’s about creating peace of mind as you embrace this new chapter.
Why These Moments Matter
Each of these life events carries both excitement and responsibility. As life evolves, estate planning becomes more relevant because it ensures your values and wishes are in place no matter what. These moments help us reflect on what matters and offer a perfect opportunity to talk to loved ones about securing a future that’s built on shared priorities.
Whether you’re retiring, having a child, caring for family, getting married, or navigating life changes, estate planning can help you stay prepared. And just like those times you had to team up with your family to tackle big tasks—like moving out, planning family events, or navigating milestones—estate planning is a process that often works best when everyone’s involved.
Estate planning isn’t just about “someday.” It’s about today’s biggest moments and taking the steps to make sure those moments are protected and celebrated for years to come.
Get started today at GoodTrust!