You’re Never Too Young to Plan
It's not at all unusual to see clients come into our practice who are in 40s or 50s and a little spooked after someone dies who is roughly the same age. Suddenly, they begin to takes the idea of estate planning a little more seriously than they did in their 20s and 30s, when they didn't believe they were going to die anytime soon.
But the thing is, it's never too early to begin estate planning. Even a 22-year-old who just graduated college and started a new job should consider one, even if it's no more than a relatively simple will. Any plan started when you're 22 will become more complicated later on, as you get into relationships, have children, and gain more wealth, but starting out early, you will create a framework for moving forward, and even take care of your family should something tragic happen earlier than you plan.
Don't let the distaste for even thinking about an estate plan deter you. Everyone hates the very idea of considering their death, so it's natural that considering estate planning would make many people wince. However it's one of those things you dread at first, but once it's done, you feel very relieved.
Of course, the first step in estate planning, after agreeing that it's something you should do is to discuss it with your family, and get their feedback. After that, the second step should be to list your goals, and the best way to accomplish those. Where you are at age 22 is probably not where you will want to be when you're 44 or 66. Not everything is about saving money on taxes, but that is a good start. You'll want a plan that can grow as you do, and change as your circumstances change.
The next step is to speak to several estate planning attorneys, to get a feel for which one will work best for you, and then select the best one and start discussing your goals with him or her. They should be able to explain to you strategies that will go a long way toward accomplishing those goals. Part of the discussion should be to set up a series of plan updating strategies, to keep your plan current. You'll need to update if you decide to commit to a partner, or even get married, or have children, or even to move to another state. “
Doing this sooner rather than later will go a long way toward creating peace of mind for you and eventually your family. There is no such thing as "too early" to start an estate plan, but there will be a time when it's too late, and that's when you pass away.
