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Why should you have an estate plan in your 20s?

On Behalf of | Dec 30, 2020 | Estate Planning

Florida residents like you may feel like you are too young to create an estate plan. After all, popular culture paints estate plans as something that only the older generations need. You do not plan on dying any time soon, after all.

But these days, more experts are saying it is important to start an estate plan early. In fact, many suggest creating an estate plan as early as your 20s.

Do you need to be old and rich for an estate plan?

U.S. News discusses the importance of starting your estate plan early. They debunk two primary myths: that estate plans are only for the old and the wealthy. But why should young people with far fewer assets worry about an estate plan?

Contrary to popular belief, experts state that it does not have anything to do with net worth. Rather, it has everything to do with taking care of your loved ones in the event of a tragedy. Even if you have few assets, loved ones that survive you may have to go through probate for the things you leave behind. This adds even more stress and worry to their plate when they are already dealing with an unprecedented tragedy.

Planning Early

Fortunately, establishing an estate plan as a young adult is not difficult. Having fewer assets will help you in this regard. You simply need to make sure you have the right legal documents prepared. This includes naming a healthcare surrogate and an agent under a durable power of attorney. If you become incapacitated, these people will make decisions about your healthcare and finances for you.

Experts stress the importance of estate planning early on. This allows you to build upon your estate plan as your assets or family situation become more complex and save heartache and trouble for you and your loved ones.