Last updated on July 24th, 2025
When you think about creating your will, you may imagine yourself many years down the road, getting your affairs in order when life’s circumstances call for it.
While this may be the case for some people, it isn’t the recommended method.
So, when should you start planning your will? The answer may surprise you.
Best practice is to create a will when you are legally able to, which is generally at the age of 18 in the United States.
While we know that most teenagers are not ringing in their 18th birthday by drafting a will, typically the sooner a person creates a will, the better. It’s rarely too early to begin planning your will, but there may come a time when it is too late.
So, let’s go over some “will basics,” as well as some important considerations to keep in mind during will planning.
What is a will, and why is it important?
A will is a legal document stating an individual’s wishes for the management and distribution of their estate after death. Not only does a will specify how a person’s assets will be distributed, but it also indicates who can make decisions on that person’s behalf if they are not able to, via legal documents such as healthcare proxies and powers of attorney. Wills can also serve other purposes, such as designating guardianship over minor children.
If a person dies without a will in place, state laws determine how their estate will be distributed. However, the state’s plan may not accurately reflect the decedent’s wishes. Establishing a will early on ensures that your estate is managed according to your wishes—and not the state’s laws—after you pass. A will also makes estate administration easier for your heirs by clearly documenting your wishes and instructions.
Some Important Considerations When Planning a Will
- Your will should be reviewed and updated for major life events such as marriage, divorce, birth of a child, etc. Don’t just set it and forget it.
- Wills are not just for people with significant assets—they are valuable and necessary tools for everyone, regardless of net worth.
- Wills must be executed properly in order to be considered valid. It’s important to be aware of the legal formalities required for the execution of a will, such as the presence of witnesses and the notarization of signatures.
- Keep in mind that beneficiary designations override instructions in a will in some cases, such as with life insurance policies, retirement accounts, health savings accounts, and trusts (see here for our article on this topic). Be sure to update your beneficiary designations to reflect any changes to your will.
- Creating a will is just one component of the estate planning process. Estate planning may also involve setting up trusts, beneficiary designations, healthcare directives, tax planning, and more.
RBT CPAs’ experts in our Trust, Estate, and Gift Practice can help you create and update a will and estate plan that ensures you and your loved ones will be taken care of according to your wishes during your lifetime and after. RBT CPAs has proudly provided accounting, advisory, tax, and audit services to individuals and businesses in the Hudson Valley and beyond for over 55 years. Get in touch to learn more about our services—and find out how we can be Remarkably Better Together.