One myth that people continue to believe is that you can be too young to do your estate planning. You will often talk to people who are in their 30s and 40s, but they haven’t made an estate plan yet because they think it’s something that only elderly people do.
This couldn’t be further from the truth and it’s a risky mistake to make. Let’s consider a few reasons why you should make an estate plan even if you’re young.
You may need to make arrangements for children
If you are around middle age, you could still have children who are minors. You need to make some arrangements for them, such as picking a guardian or putting your assets into a trust that will save those assets for them.
You don’t know when you’ll need the plan
Of course, there’s also the issue of not knowing exactly when the state plan will be needed. There are many cases where people put it off and then pass away before they have made the plan, which can create a lot of issues for the family.
You can still update the plan
Another reason to do estate planning when you’re young is simply that you can update it as you get older. You don’t have to wait until you’re older to draft the initial plan. You can make it today and then simply update it as your situation changes to make sure that it still matches.
Is it time to get your plan started?
No matter where you are in this process, take the time to consider all the legal steps necessary to make an estate plan.