You can draft estate planning documents at any age, provided you are above 18 years and are of sound mind. It’s a common misconception that estate planning is only for the elderly or the gravely ill. But, starting your estate plan early in adulthood can provide significant benefits.
It can be more manageable
You don’t need substantial wealth or own multiple assets to begin estate planning. Starting with just a few and possibly one child can be more manageable. When you’re young, complex wills are unnecessary; a simple estate plan can meet your current needs.
You can reevaluate and update your estate plan when your circumstances change. Major life milestones, such as obtaining a promotion or getting married, can change your financial situation and alter your priorities.
Although possible, creating an estate plan after acquiring several assets and growing your family can be complex.
Anything can happen
The uncertainty of the future should motivate you to create an estate plan at an earlier age. Life doesn’t always go the way you expect it to. Tomorrow could be like any other day, but getting involved in an accident is also possible.
Estate planning can provide you with peace of mind by letting you control how your assets and health should be managed in case anything happens.
Besides, if you have a child, it would be a good idea to appoint a guardian to take care of them when you cannot.
Why do people put off estate planning?
If starting earlier offers numerous benefits, why do people postpone estate planning? Understandably, it is not easy to think about your death or incapacity. As a result, some people choose to delay.
However, since both can happen at any age, it may help to create a plan to protect your wishes and beneficiaries now.
You are never too young to begin estate planning. When you’re ready, an attorney can guide you toward the appropriate estate planning measures that best apply to your current situation and will accomplish your goals.