It's always better to start planning your estate sooner rather than later. However, as long as you are considered to be mentally competent, you can plan your estate at any time in your life. If you have a small or medium-sized business, it is a good idea that you consider planning your estate as soon as possible, because your situation is likely to be more complex than most.
Believe it or not, it can take as long as 10 years to adequately plan a more complex estate involving a family business. So if you want to ensure that your legacy lives on after you pass away, you should start considering who you want to be listed as your beneficiaries, and what assets you want them to acquire. The following are four things that you should consider when planning your estate.