There aren’t many credible alternatives, using a Family Protection Trust is undoubtedly the best way forwards for most of us but as we’ve said dozen of times, for it to work, it has to be done in advance of any issue arising, and we need to carefully document the ‘reasons why’ you have done it.
Leave it too late and it is unlikely to work for the simple reason that ‘eleventh hour planning’ rarely ever works. Given the benefit of hindsight, you’d have wishes you had done it earlier… so what are you waiting for?
So when is the right time? now I’d say. It is never too early but could and will be often too late for most of us. Yes it will cost you some hard earned money, the upside of doing it is that not only will it avoid the vast majority of the probate cost on your estate, it will mean your family and other beneficiaries inherit your estate much more quickly (no probate year) rather than see it disappear well before you’ve departed this World.