Most people have every intention of starting their estate plan “someday,” but too many get distracted by life to consider their postmortem affairs. This is understandable, especially because many people would rather concern themselves with the joys of life than worry about the inevitable.
Unfortunately, though, as much as 68% of Americans don’t give their estate plans enough consideration – if they did, they wouldn’t be at risk of dying intestate (which means dying without a will). A common problem for many people, though, is that they don’t exactly know when to begin their estate plan or how long they have to do it.
The soonest someone can have a will drafted is when they turn 18, but does an 18-year-old really need a will? Probably not (unless they have children or significant assets), but at least they won’t be among the 68% of Americans who could die intestate.
Suffice it to say, as long as someone is 18, it’s never really too early to start an estate plan. Most young people’s estate planning needs are probably met by a will and advanced directives, but having these documents already planned gives them a solid foundation to do more complicated planning as they advance in life.
Just as someone who doesn’t have an estate plan can start early in their life, someone who lacks one late in their life can – and should – start planning as soon as possible. It’s never too late to start an estate plan, no matter how old you are or what stage of life you’re in.
Drafting a will, powers of attorney, advance directives, a trust, and other common estate plan documents can take time, but it’s time well spent – especially if you’ve waited a while to plan your affairs. Although it’s ideal to begin estate planning when you’re well, you can even do estate planning if you are terminally ill, just as long as you are of sound mind and can understand the decisions you’re making.
If you’ve put off estate planning for years or decades, don’t worry – you’re in good hands when you let our capable attorney at Nguyen Law Group help you plan your affairs. After learning more about you, your family, and your estate planning goals, we can provide options to help you ensure those you love are protected for the future.
Learn more during a consultation. We are available seven days a week and offer flexible hours to meet your schedule.