If you ask people why they haven’t written a will, one thing that they often say is that they don’t think they need it at their age. Generally, these people are relatively young, and they assume that estate planning is something they’ll do in 20 or 30 years. Most people don’t have estate plans, and this is just one reason why.
But is there actually an ideal age to draft an estate plan? What age should someone wait for?
Draft early and update often
There is no ideal age. In reality, estate planning can be helpful at almost any age. A person does need to be 18 or older, but then they are free to create their estate plan anytime they want.
It may look a bit different depending on the stage of life that they’re in. As a parent in their late 20s, they may be focused on setting up trusts or guardianship for their children. As a grandparent in their 50s or 60s, they may be more focused on leaving significant assets or real estate to beneficiaries.
But the best way to approach an estate plan is generally just to create it as early as you can, giving yourself peace of mind and knowing that it’s in place if something unexpected happens. After that, you can just make updates as often as you need to. Anytime there’s a significant life event—marriage, divorce, birth, death, etc.—you can make adjustments to your estate plan. But you don’t have to put off drafting it altogether.
If you’re interested in making a plan this year, take the time to carefully consider all the legal options you have.