For many people, retirement seems like the time to make an estate plan. They have earned the majority of the money that they’re going to earn in their life, and they’re stepping away from their career. This makes it a clear time to get a plan in place for the rest of their life, and for the day that they eventually pass away.
But you don’t have to wait until you retire. In fact, it can actually be quite a bad idea to do so. It’s usually far better for young people to simply make an estate plan early and then update it when they retire.
Why is this tactic better?
First of all, there are plenty of estate-planning topics that you can tackle at any age. For instance, maybe you just had a child in your thirties. As a new parent, you can do estate planning to make sure your assets go to your child and that you have picked a guardian to take care of them when you can’t do so.
On top of that, death can be unexpected. It’s wise to hope for the optimal situation, where you retire and live well into your 80s, but to plan for the unexpected.
Finally, there’s no limit to the number of times you can update your estate plan or when you can do so. You can always change it later in life as you figure out exactly what assets you’re going to have, what type of medical care you may need and things of this nature. You don’t have to put off creating the estate plan until that point. You can always just update it to make sure that it still perfectly reflects your wishes, no matter when it was created.
If you are interested in making an estate plan, take the time to carefully look into all of the options that you have.