You know that everyone needs an estate plan. It’s unclear exactly when they’ll need it, but everyone can make plans for future healthcare decisions or the distribution of their assets.
That said, you probably think of estate planning as something that elderly people do. They are doing it to prepare for the end of their life. So how old should you be when you start making your plan?
Starting at 18
The truth is that estate planning isn’t something that should just be reserved for the elderly. You can actually make an estate plan when you turn 18, and this is usually when it’s a good idea to begin.
The thing to remember is that there are different tools for different stages in life. You may not have assets to put in a trust at 18 years old, but what if you get injured and need someone to make medical decisions for you? A power of attorney could still be important because injuries can happen at any age.
Or, perhaps you are in your 20s or 30s and you just became a parent. Again, you may still have decades before you need to pass on your assets, but you can still create the estate plan when your child is born. You can use it to do things like choosing a guardian so that you know someone will take care of the child, or putting assets in a trust to benefit them before they turn 18.
Essentially, while estate planning is important for the elderly, it is not exclusive to this age group. All people need to consider what legal options they have.