You may have heard that most people don’t have an estate plan. You may also have heard that one of the main reasons they give for this is that they’re going to do it later. They’re waiting until some hypothetical age when it’s time to start estate planning.
The exact age that many people assume they need to reach can vary. A lot of people think that they need to be retired, for instance, or that they can put it off at least until they’re over 50 years old. But is there a certain age at which you should start doing your estate planning?
It can help at any age
The truth is that estate planning can actually be beneficial at any age. In this sense, there is no specific age that you should wait for. Those who are nearing retirement age definitely want to think about estate planning soon, as it’s becoming more important, but there are plenty of things that an estate plan can do, even for those who are in their 20s and 30s.
For example, you never know if you’re going to have a medical condition that leaves you incapacitated. Part of your estate plan can involve setting up an advance directive or a medical power of attorney to make sure that decisions are made for you.
Another thing to consider is that young parents can use an estate plan to choose a guardian who will take care of their children if something happens to them. You obviously hope that nothing unexpected occurs, but this way, you know that the children you love the most will be cared for if it does.
If you’re interested in getting your estate planning in place, just make sure you know what steps to take.