When you are at the early stages of your adult life, you might think you have decades to plan for what happens to your assets when you pass. You may also feel that you do not have enough of value to worry about or that your family members will understand your wishes.
However, if you do not have a plan, asset allocation is out of your hands if something happens to you. An estate plan also provides directives for how you want your affairs handled should you become incapacitated.
The best time to start estate planning
If you are an adult with assets to your name, the best time to start the estate-planning process is now. It does not matter if you are single or married or whether you have children. An estate plan directs how you want to allocate your assets if you die.
You determine which individuals or entities inherit your estate. You can use your estate plan to establish charitable donations, even if you have a spouse or children.
The advantages of early estate planning
Beginning the process early in life ensures you protect your assets and make your wishes known before something happens to you. Furthermore, accidents can occur at any time in your life, leading to consequences for your care and assets. An estate plan provides direction for healthcare decisions and managing your estate when you cannot convey the information firsthand.
Estate planning is not just for those nearing retirement or with high-value assets. The time to create an estate is as early as possible and before decisions are out of your control.