Thinking about your own death is never a pleasant experience. However, it's an important step in your financial plan, especially if you have a spouse, children, or other loved ones who rely on you.

An estate plan is a set of documents that give your loved ones guidelines and directions after your passing. It helps them locate your assets and it makes sure your money goes to the correct individuals or parties. It can also be used to pass down belongings like homes, cars, art, jewelry, and other important items. Your estate plan can even assign guardians for minor children and manage how your heirs use their inheritances.

Unfortunately, many adults don't have an estate plan. In fact, 60% of those without an estate plan haven't even discussed it with their loved ones, according to Caring.com. A conversation is the first step in creating an estate plan. Below are a few signs that it's time to have this important discussion with your loved ones.

You Have Financial Dependents

Do you have a spouse and/or children? If so, an estate plan is a critical piece of your financial strategy. You may think you're too young to worry about death, but the unfortunate fact is that accidents and tragedies happen all the time.

What would happen to your family if you passed away? How would they support themselves? Who would care for your children? Would your family know how to access your assets? An estate plan answers these questions. An estate probate attorney can help you create your plan.

You Experienced a Major Life Change

Life changes are often a trigger for estate planning conversations. Perhaps you recently divorced and you want to make sure your assets go to your kids and not your former spouse. Maybe you had grandchildren and want to leave assets for them when you pass away.

Whatever the change or transition, if your life has been altered recently, it's probably a good time to think about the future. Talk to your family and an estate probate attorney about how to achieve your estate goals.

You’re Facing Serious Health Challenges

Quite possibly the most urgent reason to discuss your estate plan with your loved ones is the diagnosis of a serious illness. If your wellness or even your life is at risk, it's important to discuss your estate plans before it's too late.

This is especially true if you have recently been diagnosed with Alzheimer's or some other cognitive health issue. You'll need to establish your estate plan while you still have the capacity to do so. A discussion with your loved ones should happen as soon as possible.

Contact an estate probate attorney from Latham Moffatt, P.C. Attorneys at Law today to start the conversation. We can help facilitate your discussion with your loved ones and develop a plan.