Planning for the future is often associated with older adults, but is there a point where one is truly “too young” to embark on the estate planning journey? While it may seem premature for those in their early years, the reality is that this planning is not only for the elderly.
In fact, taking steps to secure your assets and define your wishes can be a responsible idea, regardless of age.
Protecting your loved ones
Estate planning is not just about wealth. It is also about safeguarding the interests of your loved ones. Whether you are in your twenties or your fifties, life is unpredictable.
Approximately 22% of 25-year-old American adults are in a marriage as of 2021. Establishing a plan early on can ensure that there are ways of providing for your family and spouse in the event of unforeseen circumstances. This may include decisions about guardianship for young children.
Making healthcare decisions
Estate planning extends to healthcare decisions as well. Through tools like advanced healthcare directives and living wills, you can express your preferences regarding medical treatment and end-of-life care. Having these directions in place can relieve loved ones of the burden of making hard decisions during challenging times.
Planning for a legacy
If you want your children to eventually get higher education or wish to donate to charity, estate planning can play a big role. Structuring assets to support educational endeavors and outlining intentions for charitable contributions is important. This ensures that personal values are upheld and passed down through generations.
The sooner you start planning, the more adaptable the plan can become. In short, there is no age too young for estate planning and you should take steps early on to unlock the potential for a stable and secure future.
