Estate planning is the process of putting together a last will and testament, but it goes far beyond that. It can also include planning for long-term care costs, setting up powers of attorney, picking guardians for your children, setting up various financial trusts and much more.
One of the most common excuses that people give, when asked why they don’t have an estate plan, is that they think they don’t need it yet. They say they’ll wait until they get older. They plan to wait until they’re sick. They know the plan is valuable, but it’s something they want to address down the road.
Don’t fall into this trap. You can plan at any age.
The idea that you’re too young for an estate plan is a myth. You can and should do it at any age. You can always update the plan. Here are a few reasons why it can help, even if you’re young:
- Picking a guardian for your children is important from the day that they’re born so that you know their future is secure.
- No one can predict when they’re going to pass away or need an estate plan.
- Estate planning isn’t something you want to rush, and waiting until the last minute may mean you overlook valuable tactics.
You can update your plan in the future, perhaps on an annual basis, so there’s no reason not to do it “too early,” even if you still feel that you’re too young.
Life is full of uncertainties. Your estate plan doesn’t have to be one of them. Make sure you know what steps to take to achieve your goals and protect your family.