People who are considering estate planning will sometimes say that they believe they’re too young and they don’t need to do it yet. They are not necessarily claiming that it isn’t beneficial or that they will never need an estate plan, but they think of it as something for the future. Someone in their 30s may believe that they don’t need a plan until they are in their 60s, for instance.
But is this actually true? The reality is that estate planning can be helpful at almost any age and it’s possible for anyone over 18 years old. Here are some reasons why you may want to do it even if you’re still in the prime of your youth.
Life can be unexpected
First and foremost, you cannot always predict when your family will need an estate plan. Unexpected passings are unfortunately part of life, due to disease, car accidents and many other issues. It is best for your family if they have a plan when you pass away, so making one at a younger age can give them some peace of mind. Ideally, they will not need it until you are far older, but it doesn’t hurt to create the plan early and then just update it as your life progresses.
It can be helpful for young parents
Another important thing to consider, if you have children, is that your estate plan can also be geared toward them long before you would just leave them your assets. Don’t assume that you will be 70 years old, deciding how to leave assets to your children, who are in their 40s.
For instance, you can use an estate plan to set up a guardianship. If your child is still a minor, then you know who will take care of them and provide for them if you cannot. You can also put assets in a trust, and specify the age at which they should obtain those assets. This can help if you don’t want them to take over complete ownership immediately upon turning 18.
Creating your plan
As you can see, estate planning is beneficial at any age, and an estate plan can be created to reflect your specific situation in life right now. Make sure you know exactly what steps to take to set up the plan that will work for your family.