Many people do not have estate plans or wills, even though they know they’re important. They simply are waiting until they’re older to make the plan. They assume this is something they should do in their 60s or 70s, for example, as they approach the final years of their life.
But should you actually procrastinate estate planning in this fashion? There are some compelling reasons why it is better to do it early.
An unexpected passing
For one thing, no one can predict when they will pass away and when their family will need an estate plan. While life expectancy may be in the 70s, people pass away every day in car accidents and from unexpected illnesses. It can give you peace of mind knowing you have a plan in place in case there is an unforeseen emergency.
It’s more than just money
One reason that people will put off estate planning is because they’re just thinking about transferring assets to beneficiaries. It makes more sense to wait until they’re older and have more assets to do this with. But you can also use an estate plan to make medical decisions or divide up sentimental assets, so it’s important to think about more than just money.
You can always update it
Finally, most of an estate plan can always be updated or changed. You don’t have to abide by the decisions forever. Rather than putting off making the plan, it’s often better to create the plan early and then just update it as necessary.
If you do not have an estate plan yet, it may be time to start looking into all of your legal options and the steps you need to take.