At What Age Should You Start Planning Your Estate?
Experts recommend that everyone over the age of 18 should have a basic estate plan, including the following facets:
- A will or trust
- Designation of a financial power of attorney
- Medical directives to allow a trusted individual to act for you if you cannot
Some major life events can be starting points for estate planning, including getting married, having children, growing your career, buying a home, or retiring.
Common Myths About Estate Planning
| Myth | Fact |
|---|---|
| "I’m too young to need an estate plan. I’ll get my affairs in order when I’m older." | Estate planning isn’t just for those at or nearing retirement. Estate planning for young adults is a critical and important step. Freak accidents, sudden illnesses, and other unexpected life events can happen at any age. Having a plan can protect your family and assets in the event of a tragedy. |
| “I’m not wealthy enough to need an estate plan.” | Estate planning is about more than just distributing your wealth. It’s about protecting yourself and your loved ones, ensuring that your family won’t have to deal with complicated legal issues during life’s most challenging moments. |
“Typically an ideal time to form a living trust would be the purchase of a first home or ownership of real property, or when you have a child. Everyone needs a trust generally.”
Benefits of Starting Estate Planning Early
Getting a head start on estate planning can save you and your family a lot of strife and stress later on. Some benefits of starting estate planning early include:
Peace of Mind
When tragedy strikes, your family could be left to pick up the pieces without knowing how you wanted to be treated in a medical emergency, how you wanted your assets divided, and more. Estate planning can ensure your wishes are followed and your loved ones are protected. Knowing that your family can grieve, process, and handle your absence with a plan already in place can help put you at ease.
Maintaining Control Over Medical Care
If you are suddenly incapacitated, you could lose the ability to make your own medical decisions. Drafting a living will and assigning power of attorney to a trusted loved one can ensure your wishes are respected when you can no longer advocate for yourself.
Preventing Legal Disputes
If you don’t have a will, your assets could be stuck in probate for several years, potentially creating emotionally and financially draining conflicts between your family members. Early estate planning can help you avoid any contention among your loved ones concerning your assets.
Strategizing to Help Your Beneficiaries
By getting a head start on estate planning and taking action to reduce estate taxes, you can help your loved ones keep as much of their inheritance as possible. If you’re a business owner, you can also ensure that your succession is clear and that your absence will not interrupt operations.
What Our Experts Say About Starting Your Estate Plan
Our experienced attorneys emphasize the value of taking control of your future by starting your estate plan early. Here’s their advice for ensuring peace of mind:
It’s better to have an estate plan today and not need it than to need it tomorrow and not have it!
Plan for tomorrow, and be proactive, rather than reactive.
Plan while you’re healthy, not during the crisis. You say this all the time: the worst time to plan is when you need it.
Why You Shouldn't Delay Creating an Estate Plan
Many people talk about estate planning and have a vague idea of what they’d like to do, but put off taking action for years. Procrastinating on estate planning could have dire consequences in the event of a sudden accident or illness. If you die or lose the ability to make your own decisions without an estate plan in place, your loved ones could be left directionless and open to prolonged legal disputes over your assets.
Taking early action can put your family in the best possible position during an overwhelming moment, saving them stress and frustration and helping put them at ease.
What Happens If You Don’t Have an Estate Plan?
Without an estate plan, state law will typically decide who inherits what. The state you live in at the time of your death will have its laws apply to your assets. Each state has different rules for different situations, and depending on the relevant laws, your estate might not go where you’d expect it to.
In Texas, for example, a married person’s estate doesn’t automatically go to their surviving spouse if they did not leave a will.
If you haven’t started estate planning, your family might be burdened with navigating state laws on their own. Proactively creating an estate plan can help you avoid losing control of your assets and ensure your loved ones are cared for when you can no longer provide for them.
Ready to Start Your Estate Plan?
It’s Not If, But When. If you’re wondering if you should start estate planning, there’s no better time than now. Evans & Davis has helped over 30,000 clients like you protect their assets and plan for their futures.
We’re committed to strategic representation, tactical problem-solving, and unreasonable hospitality, which helps us develop lasting relationships with those we serve. Here’s what some of our satisfied clients have to say about working with our firm:
It was a pleasure doing business with Evans & Davis. Everyone was very professional and did a great job getting our estate all figured out. We are so glad to be associated with them.
We were very pleased with the service we received when doing our will and trust, advanced directives and power of attorney with Evan’s and Davis. Highly recommend them.
I have worked with this firm for over 10 years and I’ve always been incredibly impressed with their professionalism and kindness! I have referred many people over the years and everyone has given equally positive feedback!
Our firm has offices in 22 states and attorneys licensed to practice in 47 (and counting), allowing us to help you no matter where you are. Contact us online today to learn more about how our caring team can help you start estate planning and protect your family’s legacy.
