Most people don’t look forward to estate planning, so they search for every excuse possible to put it on the backburner. And for those who are young — such as individuals fresh out of college — they assume that they’re too young to get serious about estate planning.
However, this line of thinking is a mistake. You’re never too young for estate planning. Once you reach the age of 18, it’s something you should at least think about. You don’t have to take immediate action, but you must keep it on your radar.
Here are some questions you can answer to help determine if you should strongly consider creating an estate plan right now:
- Do you have any assets, such as money in a bank account, that you want to leave to someone in particular in the event of your untimely death?
- Do you understand the importance of incapacity planning?
- Do you know who you want to manage your affairs if you’re unable to do so, such as the result of a motor vehicle accident that leaves you incapacitated?
- Are you employed?
- Do you have a life insurance policy?
- Do you have a spouse?
- Do you have children?
- Do you have plans on getting married and/or bringing children into your family in the near future?
As you answer these questions, expect many others to come to light. The more you focus on estate planning the greater chance there is that you’ll realize you need to get started. Despite what you previously thought, you’re probably not too young for estate planning.
If you’re young and have questions about estate planning, contact our law firm to get them off your chest. We can provide you with professional advice and the guidance you need to give you peace of mind. Once you have an estate plan in place, you’ll feel better about your future.
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022
- Let’s Talk about Trusts…and Taxation - May 4, 2022
- Do You Have to Accept an Inheritance? - April 28, 2022
