When you ask relatively younger people why they don’t have an estate plan, they will often tell you that they are too young. They won’t claim that writing a will isn’t important or that there aren’t estate planning documents that can help them. They know that, but they just think they need to use these documents at a later date.
This is a common misconception, and it’s important to understand why you cannot be too young for an estate plan.
First of all, medical emergencies are unpredictable. An estate plan may be something that your family will use after you have lived a long life and had an expected passing that everyone saw coming. But there are also people who pass away from illnesses or car accidents every day, and the unpredictable nature of these events means that it’s best to have an estate plan ready.
A big reason for procrastination with estate planning is that people are just waiting until they have more financial assets. But don’t forget that your plan also addresses things like setting up a medical power of attorney or choosing a guardian for your child. It is certainly not only about your financial assets, and many of these other estate planning tools could be very useful at a younger age.
Creating your plan
If you’re interested in setting up an estate plan, you just need to know what steps to take. The best solution will be unique for each individual, reflecting their specific desires, needs and assets. The key lies in carefully considering your options to create the ideal plan in advance.