One reason that people won’t make an estate plan is because they think they’re too young. You may have been considering it yourself, but you’re just not sure if it’s worth taking the time to do it. Maybe you’ve always assumed that you would make your estate plan in your 60s or 70s, and you’re not close to that yet.
There is a lower age limit for estate planning, in a legal sense, but that just means that you have to be 18. Once you are, you are legally able to draft the plan that you want to have in place. It’s impossible to be too young to start this process, as estate planning has benefits for people at a young age.
What are medical complications?
For example, you could use your estate plan to draft an advance directive telling medical professionals about the type of treatment that you do or do not want. You could also choose an agent to make your medical decisions if you’re incapacitated, using a medical power of attorney. You cannot predict when something unexpected will happen, from an illness to a car accident, so having this part of your estate plan in place in advance can be quite beneficial.
Decisions for your children
If you are in your mid-20s or mid-30s, you may have recently become a new parent. You may feel that you are far too young to think about passing assets on to the next generation, but you could create a trust to hold those assets for your children until they are no longer minors. You could also use your estate plan to choose a guardian.
As you can see, there are estate planning options for you at any age. Just take the time to look into all of the options at your disposal.