One of the top reasons that people give, if you ask them why they don’t yet have an estate plan, is just that they think they’re too young to make one. They know that they are legally allowed to make one, of course. Anyone can after reaching 18 years old. But they don’t believe it’s necessary yet, so they’re waiting to do it later.
But is this actually a good reason not to make an estate plan? What you’ll find is that you can never actually be too young to get this plan in place.
You can always update your plan
First and foremost, don’t assume that you only have one chance to make an estate plan or that it has to remain exactly the same for the rest of your life. It can often be updated, and it’s a good idea to do this periodically. Therefore, creating an estate plan early and then updating it is safer than procrastinating and perhaps passing away with no plan.
There are estate planning tools for all ages
Additionally, estate planning doesn’t just have to be about passing assets on to your heirs at the end of a long life. You can also do things like making medical decisions in advance. You may want to set up a guardianship for your children, just in case they need it. No matter where you are in your life, there are important estate planning tools that you can utilize.
If you don’t yet have a plan, it may be time to consider your options. It’s important to take a look at all of the different tactics you can use and how they may be beneficial.