When you consider estate planning, do you think of it as something that people usually do closer to the end of their lives? Like many people, maybe you have always assumed that people make estate plans when they retire. They have a fairly accurate picture of what their assets look like, and they may want to address potential health complications as they get older.
While you can make an estate plan at this age, Pennsylvania law only states that you need to be 18. It is fully possible to make an estate plan far earlier, and this can often be a wise decision. It is hard to predict the future, so knowing that you have a plan in place can be helpful if something unexpected happens – like suffering from an injury or an illness that leaves you incapacitated and in need of other people to make medical or financial decisions on your behalf. These things could be addressed through a living will or a power of attorney.
Wouldn’t that be too soon?
One concern that people sometimes have is that drafting a will at 18 is just too early. They are going to acquire far more assets as they get older. Their health condition is going to change. Family dynamics are going to shift as they get married, get divorced, have children and things of this nature.
It is true that life changes, but that does not mean that you should wait to make the estate plan. Instead, you could make your estate plan when you are young and then simply update it as you hit these key milestones in your life, such as marriage, the birth of a child or even retirement.
The key is to understand exactly what legal options you have and what steps to take to get your plan in place.
