Estate planning can be helpful for people who have reached retirement age. It is also a necessary step for individuals facing certain medical challenges or providing for dependent family members in the event of an unexpected loss.
Although the importance of estate planning is relatively well known, procrastination about estate planning is also incredibly common. Many people who could benefit from having an estate plan in place hold off on creating documents. They may believe that a later age is the best age to create paperwork.
Some people die without estate plans because they wait so long. Others delay until their health declines, paving the way for conflict regarding the validity of an estate plan after they die. At what age does estate planning typically become necessary?
Most legal adults benefit from drafting documents
People do not need to have high-value assets in their names or dependent family members to make estate planning necessary and beneficial. Technically, anyone who is a legal adult theoretically has the authority to draft estate planning paperwork.
Many experts recommend that those who have recently turned 18 draft documents. They can address the possibility of incapacity and the need for support with managing their financial and medical matters in an emergency. Without a spouse or a person designated by legal paperwork, there may not be anyone with access to financial accounts or capable of making medical decisions on behalf of an individual.
Adults in their twenties and early 30s may have spouses or children who require the protection of estate plans. Even without dependent family members, they may need to leave instructions regarding the distribution of their resources.
Especially when individuals want to leave resources for romantic partners other than spouses, close friends or family members, such as nieces and nephews, a will providing instructions that deviate from intestate succession rules could be critical to the establishment of an individual’s legacy. For many people, medical challenges, such as cancer or another progressive medical condition, may motivate them to draft wills, powers of attorney and advance directives.
For most people, the best approach involves planning early and making adjustments routinely throughout life as necessary. Discussing support needs, legacy priorities and other concerns with an estate planning attorney can help individuals craft appropriate and supportive estate planning documents accordingly.