Many people put off estate planning until they are in their 50s or 60s. They see it as thinking about how to pass on the assets they have accumulated.
As a result, if you are in your 30s, you may not think estate planning is for you. However, it can still be an important tool for people of all ages.
Estate planning with children
The first reason is that you may have young children of your own. You’re not passing them your assets yet, or anytime soon, at least if things go the way that you hope. But you need to consider what would happen to them if you weren’t there. Estate planning at this stage is less about deciding what to do with your assets – though you do need to consider them – and more about figuring out who will be a guardian and will provide care for your children. You can get all this in place to give yourself peace of mind, even if that portion of your plan is never used.
Secondly, life is unpredictable. People often wait to do estate planning because they assume they know when they’ll need it, but you never really know for sure. Regardless of your age, it’s best to have your plan already set so that it’s ready. This way, you know that your family can use it if needed. Remember that it’s always possible to update that plan as you go to reflect where you are in life.
If you’re interested in estate planning, take the time to think about all of the various tools you have and the options you may want to utilize. It can be more complex than many people assume.