There are two ways that people tend to think that they can be too young for estate planning. The first is when they are very young, such as in their teens or early 20s. They don’t have a family, they don’t have significant assets and so they don’t think it makes sense to have an estate plan.
The second reason people think they are too young is that they believe that only the elderly use estate plans to leave assets to their heirs. Someone in their 30s or 40s may have a family and may have started accumulating assets, but they know they’re not even close to retiring. They are certainly not elderly. They decide to make an estate plan at a later date.
Young people can use estate plans, too
The idea that you can be an adult who is “too young: to need a will is a myth. The truth is that many young people can benefit from estate plans.
For example, you can create an estate plan as soon as you turn 18 years of age. This can be used to do things like setting up a healthcare power of attorney. If something unexpected happens, such as being seriously injured in a car accident, you know who gets to make your medical decisions.
Additionally, elderly people often are the focus of estate planning, but that is never a guarantee. Many people will pass away early from unexpected diseases, car accidents, workplace accidents and much more. As such, even if you don’t end up using your estate plan until you have retired, it’s usually best to have it in place far before that.
If you do not yet have an estate plan, it’s wise to take a look at all the options that you have to get that plan set up and focus on your future.