Estate planning has value for anyone, regardless of status or age. Putting off planning until you reach certain goals is a risky move and can cause disappointment later.
As soon as you reach the legal age of adulthood, begin planning. Maintaining it over time will ensure content remains updated and that your plan will continue to function the way you intend it to.
Plan while you have time
The longer you wait to plan your estate the longer it will take to create. Notable changes in your life will take time to address and work into your strategy. For example, marriage, having children, career changes, investment success and business ownership are all factors that you should address in your plan.
The ideal time to begin is when you still have the time to get things done. As your life progresses, you might find that time appears harder to come by and estate planning could fall down your list of priorities. According to CNN, another benefit of starting early to plan your estate is that it gives you more time to talk about your expectations with your family. This could improve clarity and reduce the risks of estate disputes at the time of your death.
Plan while you have control
Suffering a life-changing injury or disability could make you immediately concerned about your future and any assets you own. Trying to put together a plan during a high-stress time could create more uncertainty. In a vulnerable state, you may be less likely to make coherent, effective decisions.
Starting to plan while you still have everything under control is the best decision. With a foundation in place, you can gradually add to and change aspects of your plan so it continues to align with your life as you age.
