Why you should do estate planning regardless of age

Why you should do estate planning regardless of age

One of the biggest reasons that people do not do their estate planning is that they think they’re too young. They decide to wait until they’re older and, presumably, it seems more urgent. They’ll have more assets then, they’ll have more health conditions to consider, they’ll be closer to passing those assets to their children and it all just feels like it makes sense.

The truth, though, is that you should do estate planning at any age. The most obvious reason is simply that no one knows for sure how many years they have remaining. You can’t predict it, even if you’re healthy and confident.

Another reason is that small children benefit from estate planning. Maybe you’re in your 30s and you have two kids under five. You feel like you can wait until you’re much older to leave your assets to your then-adult children.

But what happens if you pass away unexpectedly? Your estate plan can name a guardian for your child so that you know someone will take care of them. It can put your assets into a trust so that they wait for the child to reach the proper age to receive them. It can give someone else the power to handle the child’s financial needs and make sure that they get the love and support you want for them.

This is all beneficial at any age. As a parent, your children are your No. 1 priority. That’s true if you’re 30 or 50 or 80. Do not wait for some future day to do estate planning, but start thinking about your options now.