A lack of estate planning is a significant issue in the United States. For instance, some studies indicate that two-thirds of Americans do not have an estate plan yet, so it is something that most people have not done.
People will have a variety of reasons that they provide, such as finding estate planning too daunting, thinking it is too expensive or being unsure how to start. But one reason that people often give is simply that they think they are too young. They will say that estate planning is something people do when they are grandparents or after they retire from their career. But do you actually have to be a certain age to make an estate plan?
You just need to be 18
The only age requirement for estate planning is that you need to be a legal adult. So you typically need to be 18 and have the mental capacity to make these important decisions. But you certainly do not have to be in your 50s or 60s, as many people often assume.
If you make an estate plan early, you can still use it to do things like making medical decisions in case there is an unexpected emergency. You may not have significant wealth, but you still have minor assets or family heirlooms to pass down.
It is true that your estate plan will become outdated as you get older. You could get married, have children, get divorced, acquire far more assets and things of this nature. But that is not really a problem because you can always just update your estate plan in the future. As life changes and you grow older, you may make updates, but you can get that plan in place as early as you want.
If you are interested in creating an estate plan this year, just take the time to carefully look into all of your legal options.