No one likes to think that something might happen that could remove Mom and Dad both from the family scene, but it can happen. In Clinton's estimation, it is always better for parents to make the decision rather than grandparents or other relatives. If your children are minors, then I would definitely say it's time to do something to help them. Although you may have certain items for which you can designate a beneficiary, you really need at least a basic will to make certain that everything that needs to be taken care of will be taken care of. Such a basic level of preparedness is still surprisingly necessary if the inevitable happens.
Many people only start estate planning after they secure considerable assets.
I argue that your children are some of the most valuable assets of all. Thinking things through While the concept may be unpleasant, it's important to think seriously about what might happen if you weren't there for your family. Realistic scenarios and planning can help you make the best decision for when it's time to start looking at planning your estate. Unfortunately, most of the people who come in to see him have waited to plan their estate until some tangible worry manifests, he said. They know they should do it, but until there's something that causes them to worry about it, they don't.