Many people do not have an estate plan in place, even if they understand they will eventually need one. In fact, statistics show that the majority of Americans are still without an estate plan, and one of the top reasons is simply that they have not gotten around to it yet.
What this underscores is that many people will procrastinate estate planning because they think they are too young. This is something they imagine doing once they have become grandparents or after they have retired from their career. They imagine they will be in their late 60s or 70s while making this plan. Is it actually true that you can be too young for estate planning?
It can be helpful at any age
As a general rule, you really cannot be too young to make an estate plan. For some documents, you just need to be 18, but you can start the basic process at 14 in Georgia. There are potential benefits regardless of your age.
For instance, maybe you are a young person in your 20s without a family, so you do not think there is any point in drafting an estate plan. But it can still be useful because you could use that plan to make medical decisions in advance. You may do this by using a living will or a medical power of attorney.
Or perhaps you are a new parent in your 30s. You know that your child will eventually inherit from you, but you do not expect them to need to do so for decades. Even so, you can use your estate plan to set up a guardianship. This way, you can choose a guardian to care for your child if you pass away unexpectedly.
Drafting your plan
Everyone starts estate planning for different reasons, but it is important to know that age should not be a barrier. Take the time to carefully look into all the estate planning options you have at your disposal.