What is the right age to establish an estate plan?

On Behalf of | Mar 5, 2024 | Estate Planning |

There are many stages of life when an estate plan could be beneficial. Those preparing for retirement can protect their assets and prepare for future medical support needs through estate planning. Those with businesses or major financial obligations can protect their investments with proper estate planning and also pass their resources to others in a meaningful way.

Those with children or spouses can ensure the comfort and protection of their loved ones in the event of a tragedy. There are so many different times when estate planning could prove beneficial that people may struggle to understand when the right time to create documents is. They may then procrastinate indefinitely, which can be a dangerous choice.

When is the most beneficial time to create estate planning paperwork?

All lawful adults may need an estate plan

As soon as someone turns 18, they become legally vulnerable. Their parents no longer have the authority to make medical decisions on their behalf or manage their resources. Should some kind of emergency occur, a young adult may not have anyone to handle their financial obligations or manage their medical needs.

The best time to begin estate planning is as soon as someone needs legal protection, which is when they become an adult. An 18-year-old may not have much property to bequeath to others, but they likely do have a need to clarify their medical preferences in the event of an emergency and draft documents that empower people they trust to handle matters on their behalf.

Anyone with dependents should consider planning

People are sometimes comfortable with gambling on their own health and future stability. However, once they expand their families to include spouses or children, they may more readily embrace the need to estate plan for the protection of vulnerable loved ones.

Anyone who has debts they worry about their loved ones covering or who have dependents who may require support could benefit from drafting estate planning paperwork. Similarly, those who have acquired valuable property, including real estate and businesses, may want to estate plan to ensure that the right party inherits those resources in the future.

The best time to draft an estate plan is when someone becomes aware of the need for protection. Establishing a thorough estate plan can benefit adults of all ages and circumstances.