Some people will put off estate planning for when they’re older. Maybe they are in their 30s, but they assume they don’t need an estate plan until they’re in their 50s, at the earliest. They may even put it off until they’re in their 70s, noting that life expectancy is 75 in the United States.
But it’s actually rather risky to procrastinate estate planning like this. There are some very compelling reasons to do estate planning early, three of which are noted below.
You don’t know how long you have
To begin with, it is always a risk to procrastinate estate planning because you don’t actually know how long you have before you will pass away. Life expectancy may be 75, but it’s better to prepare in advance.
You can make decisions for your children
If you are in your 30s, you may be a parent. This means that estate planning is very important – not just from the perspective of passing your assets on to the next generation, but in planning for your children’s future. You may want to pick a guardian who will take care of the children in your absence, for example. You may want to put certain assets in a trust to be held for the children when they’re older.
You can always update the plan
The final reason to make an estate plan earlier in life is that it can always be updated. You don’t have to worry about it becoming outdated if you acquire more assets or have more children. You simply update the plan at those times to reflect these changes in your life. This way, you always know that it’s ready in case your family needs it.
Are you interested in creating an estate plan this year? Be sure you know what legal options you have.