Estate planning is a near-universal need. Almost everyone might benefit from addressing their legacy and situations in which they could be legally or financially vulnerable. However, most people view estate planning as unpleasant, which prompts them to procrastinate.
A newly-married individual might decide they don’t need to plan for the protection of their spouse and may choose to wait until they have children. New parents may tell themselves that they are not yet done growing their families, so they should wait until they stop having children.
With so many reasons to wait, many people never sit down to establish estate plans and may die without documents in place. They may also experience emergencies that leave them vulnerable without advance planning. When is the best time to begin the estate planning process?
Even new adults need documents
If people wait until their lives are completely calm, they may never draft a will or any other estate planning paperwork. The best time to create an estate plan is generally as soon as possible. Those who have just turned 18 actually benefit from estate planning.
Once teenagers become adults, their parents no longer have access to their medical records, decision-making authority or the right to manage their financial resources. If a young professional or college student ends up in a coma, their parents may not be able to help them.
Even those without dependent family members or major assets could benefit from drafting powers of attorney. They can ensure that a trusted individual can make decisions about their medical care and pay their bills.
People who create basic estate plans when they are young can then modify and expand their documents as their needs evolve. The birth of a child, the acquisition of resources, the sale of high-value property, marriage, divorce and the death of loved ones are all scenarios in which reviewing and expanding an estate plan is a smart decision.
Most people need to review and adapt their estate plans after major life events. They may also want to check their documents every few years for outdated terms and omissions. People who create basic documents when they are young and then routinely update them as their circumstances change provide themselves and their loved ones with peace of mind and legal protection.
Those who do not yet have documents in place still have an opportunity to take control of their lives and their legacies. Sitting down with an estate planning attorney can be beneficial for people and all stages of life when they have people who depend on them, assets with value or possible future support needs.