Estate planning is often thought of as something that’s only necessary for those over 60. However, this could not be further from the truth. The fact is that the future is uncertain for everyone. Therefore, anyone who has assets should have an estate plan in place. The earlier you start to plan your estate, the more in control of your plan you will be, and the easier it will be to update over the years.
If you are n your 20s and do not yet have an estate plan but have assets in the form of property or savings or dependent children, you should consider planning your estate. The following is an overview of some of the most compelling reasons why you should consider planning your estate in your 20s.
You need to protect your children if you have them
If you have children, it is imperative that you have an estate plan in place. This is because an estate plan does not only address finances. For example, in your will, you can state who you want to be the guardian of your children in the event that you and the other parent pass away. This will give you the peace of mind to know that your children will always be loved and protected, no matter what.
You’ll be able to create the foundations of your estate plan
Starting your estate plan at a later date can be overwhelming because you’ll likely have a seemingly endless amount of assets and no foundations. By setting the foundations of your estate plan early on, you’ll be able to easily update it and tweak it over the years, while also having the security of knowing that you have your wishes formally in place should the unexpected happen.
Planning your estate does not need to be a morbid or stressful experience. It can be a great way to reflect on your priorities in life and what you have achieved so far in your journey.