There is a common misconception about estate planning that it is a problem for the sick or elderly. In reality, estate planning should start well before you start considering retirement. If you are gainfully employed or have any assets you want to continue owning for more than a few years, you need to consider creating an estate plan. Consider it a relatively easy and painless step in the grand adventure of “adulting.”
Do You Have Life Insurance?
While some adults buy life insurance for their children, many people first consider this investment when they get married or have children. Life insurance is a part of many estate plans. If you have life insurance, or are considering it, it is a fine idea to incorporate the purchase into your estate plan. After all, you have to name a beneficiary of that insurance, so you are already considering who you want to protect in the future.
Estate Plans Are Flexible
Some people wait to create a plan for their estates because they are sure that their current circumstances will change before they need it. Perhaps you expect to get married (or divorced). Perhaps you are planning on having more children, buying a house, changing careers or making other alterations to your life. All of those changes can be easily incorporated into an existing estate plan. Changing your plan is even easier than creating it in the first place. There is no reason to delay the execution of a will, trust, advance medical directive and other components of a complete estate plan.
The reality is that almost every adult needs an estate plan. You will never regret having one, but your loved ones could come to regret you not having one.