A lot of people who do not have estate plans in place will tell you that they just have not gotten around to it yet. They feel like they’re too young to worry about it. They plan to take care of it when they get older.
This is a big mistake, and it’s one of the most common ones that people make.
The problem is perhaps that you’re thinking only about life expectancy. If you are supposed to live into your 70s or 80s, and you’re only in your 30s right now, it’s easy to assume that you have most of your life ahead of you. Why plan to pass your assets on when you won’t be doing it for a few more decades?
However, what you have to realize is that disease and accidents do not wait until you reach your projected life expectancy. Many people pass away early for a whole host of reasons. That may not be fun to think about, but it’s the reality. Young people die in car accidents, workplace accidents and natural disasters. Even people in “middle age” pass away from things like cancer or heart disease.
In an ideal world, you won’t have to worry about any of this. Hopefully, you don’t. That said, you do need to get an estate plan in place just in case. It’s never too early. If you don’t use it for 30 or 40 years, there’s nothing wrong with having it there to protect your loved ones.
Make sure you know all of the legal options you have, no matter how young you are.
