Estate planning is one of those things that a lot of people feel it’s fine to put off. They naturally imagine that they won’t actually need a plan until they retire or they’re in their 70s. That feels worlds away to someone in their 20s or 30s, so they don’t worry about planning.
This is a concerning outlook, though, and could mean that your family has no plan if something happens. Let’s look at a few reasons to do your planning when you are still young.
You have children with special needs
Estate planning is always important when you have children, as you need to pick a guardian and determine what to do with your assets if they’re still minors. If your child has special needs, it’s even more important. You must know that they have the right care, you need to consider special needs trusts to pass on assets, and you need to think about how you can protect benefits they may receive.
You can’t predict what will happen
You cannot, unfortunately, know exactly at what age an estate plan will be needed. Assuming that you’ll be 70 years old is risky. It’s much better to create a plan early, even if you don’t need it yet.
You can always adjust your plan
Moreover, remember that estate planning doesn’t set anything in stone. You can adjust it as you gain assets, change careers, get married, get divorced, have children and much more. People often wait because they don’t know exactly what their plan has to address, but you don’t need to. Just consider your options to create a plan now, and then you can alter it as needed in the future.
