It is a common misconception that Estate Planning is more important the closer you get to retirement age. While it is true that as you get older it is important to make your wishes known and get your estate in order, there are many other reasons to consider Estate Planning much earlier.
First, young adults do have assets, even though they may not realize it. Homes, bank accounts, retirement benefits, IRA's, and 401Ks are all assets that should be considered when creating your Estate Plan. Stocks and bonds that you own should also be considered. However, when people think about what their assets are, these items are easily forgotten.
Second, it is important to have an Estate Plan if you have minor children. In the unfortunate event that something were to happen to you, your wishes for your children would be known. For example, your family would know who should raise your children, whether any money from your estate should be put aside for the cost of raising your children, etc. Plus, you will feel better knowing that your wishes are known and your children will be cared for.
And, third, it is important to create or alter an existing Estate Plan as you get older. As your get older, your assets change. In order to maximize the benefit of your Estate Plan, it should be as up-to-date as possible. You may not own property that you had at 20, for example, or you may have more money in your accounts.
So, as you can see, there are many reasons to consider creating an Estate Plan. You do not need to wait until you are nearing retirement age. In fact, younger adults should consider creating an Estate Plan just as seriously.
For more information on how we can help you create your Estate Plan, contact us today for a free consultation.