Your ‘estate’ is defined as your net worth at any point in time, alive or dead. Your estate is the sum of your assets - legal rights, interests, and entitlements to property, money, investments and possessions of any kind - less all liabilities at that time. An estate plan deals with the details of your assets and how you would like for these to be managed when you lose capacity and/or pass away.

For many people it is often a life event that triggers consideration of an estate plan; buying a house, birth of a child, winning the lottery. But to be honest, any time is the best time to consider an estate plan. We all know that life is forever changing and full of uncertainties, and so even if you are in your 30s, there's no reason why you shouldn't have a basic will or power of attorney set up. If you have assets, then it's the minimum responsibility you owe to your loved ones without leaving them with the administrative hassles in the event of your passing.

Don't put this off. Your loved ones will thank you for it later!

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