Are You Too Young for Estate Planning?
The short answer is no, you are not too young for estate planning. When most people think of a last will and testament, they typically think of someone in their family who is older and preparing their assets for when they die. But the truth is, it is never too early to plan; it can literally only ever be too late.
Estate planning is like life insurance
I think of estate planning as being similar to life insurance. When something happens and you need it, it’s too late to get it. Obviously if you pass away it is too late for you to get life insurance. Similarly, if something happens to you and you become incapacitated, or worse, it is too late to draft and sign a Power of Attorney or to execute a will or trust.
Younger people need estate planning, especially when they have children
Over the years the vast majority of my clients have been either close to retirement or already retired, but I love when younger clients come in to meet with me. I’ve had plenty of clients in their thirties and even some in their twenties. Once you have children, I think it is imperative that you create your estate plan. The will is a document where you get to name the guardian for your children. If you do not have that in place and pass away, a court will decide who raises your children. This isn’t meant to scare you, the court will make sure the children go to someone appropriate, but wouldn’t you rather your family avoid the court process and simply put on paper who you want to raise your children should you pass away?
You can also put some guardrails around the inheritance your children receive so that they do not get a lump sum of money at eighteen when they are legally an “adult.” Think about yourself at eighteen years old and what you would have done with a lump sum of money just dropped in your lap. I don’t know about you, but I was a pretty responsible kid, and I can guarantee you that money would have burned a hole in my pocket!
Contact an estate planning attorney in Charleston today
If you are one of the millions of people who know they need to do something but have just been putting it off, call Tapp Law Firm, LLC. You’ll feel better once it’s done and I’ll make the process smooth and painless. I’ve seen the benefits of a proper estate plan in my own family, and I’ve also seen the consequences of not having a plan in place when something happens.
Start estate planning now so you will have peace of mind knowing your family’s future is protected. 843-350-1792