Many people have yet to make an estate plan, and they provide a lot of different reasons for why they have not done it yet. One of the most common is that they just think that they are too young. Maybe they’re in their 30s, so they’re not really thinking much about the end of their life. They’ll make an estate plan when they get to their 60s.
Technically, you can be too young for estate planning. In Texas, you need to be at least 18 years old. But once you hit that age, it’s a myth that you are too young. Estate planning can be beneficial for you at any age, and you don’t have to wait until you are in your 60s or 70s.
Why do people wait?
Part of the reason why people wait is just because they know that life is going to change. Their family or their estate could go through significant changes that mean the estate plan won’t work any longer.
It is true that major changes could happen in the future. But that’s why you can just update your estate plan when necessary. You may want to do this after:
- Getting married
- Getting divorced
- Having a child
- Buying a business
- Selling a house
- Getting an inheritance
- Having a falling out
- Getting a serious medical diagnosis
These are just a few different examples, but remember that you can always update your estate plan when necessary. In many cases, it’s better to take this approach than gambling that you can make an estate plan in the future. After all, you can never precisely predict when you’re going to pass away.
If you’d like to get started making your estate plan this year, just carefully look into the necessary legal steps.