You turn 40, and someone jokingly tells you that you better write a will. They’re just giving you a hard time for being “over the hill,” but it still makes you think. You feel pretty young, but are you too young for an estate plan — or is it really time to get one in place? Was there a bit more truth to your friend’s joke than you realized?
Everyone needs an estate plan because life is uncertain
Being “too young” is one of the most common myths or misconceptions surrounding estate planning. A lot of relatively young people think that it’s not the time for a plan yet and they put it off for some future day when they feel like it’s more relevant.
The truth is that you’re never too young. If you’re in your 40s, odds are that you have children who are still minors. Well, what happens to them if you pass away? Forget about money and assets for a moment. Estate planning also includes choosing a guardian for the children.
Another part of estate planning is creating a healthcare directive or a power of attorney. You don’t know what the future holds. You’re the only one who can make healthcare decisions for yourself. If you use a medical power of attorney, you can choose someone to be your agent in case you’re injured in a car accident or a workplace accident — along with thousands of other ways that serious, incapacitating injuries happen to young and healthy people.
Getting prepared for the future means taking action
The key is to be prepared, regardless of your age. Working with an experienced legal team ensures that you are. If you’re thinking about your estate plans, find out more about what it takes to get things started.