What is the right age to prepare an estate plan?

On Behalf of | Jul 19, 2021 | Estate Planning |

Estate planning can be a difficult topic, not because the issues that are discussed during the process are challenging, but because few people want to contemplate the ends of their lives. Estate planning provides instructions about a person’s wishes for the disposition of their property and assets once they have passed on. There are many different legal tools that Texas residents can include in their estate plans, and their trusted estate planning lawyers can advise them of what will best serve their needs.

Though many people do not begin to start thinking about estate planning until well into adulthood or even after they have become parents, young adults can benefit from drafting specific estate planning tools to protect their future interests. This post will discuss some of the documents young adults may wish to consider executing before they have children or even before they are married. No part of this post should be read as legal advice.

Estate planning for young adults

An estate plan does not have to be a highly complex set of legal devices. It can be relatively simple and still protect an individual’s wishes and interests. Some of the estate planning tools that may benefit young adults are:

  • Wills: A will provides instructions for how a person’s property should be bequeathed after their death.
  • Powers of attorney: These documents give the power to make financial and medical decisions about a person’s life when they become incapacitated.
  • Trusts: Trusts can protect assets and prevent taxation and other financial losses for individuals with specific economic needs.

Though estate plans can include the same devices, they can look very different based on the property and wishes of their creators.

It is never too late for an estate plan

Young adulthood is a great time to start estate planning, but readers should remember that it is never too late. Even individuals who have reached retirement can still work with trusted estate planning lawyers to create their own unique and protective estate plans. Those who have not begun the process can initiate contact with local lawyers who advise and prepare a state planning documents.