Estate planning is something that many people put off until later in life, but there are several reasons why it’s a good idea to start thinking about it in your 20s. Here are six reasons why you should begin estate planning now, rather than waiting.
Reason 1: It’s Never Too Early to Plan for the Future
One of the most important reasons to begin estate planning in your 20s is that it’s never too early to start planning for the future. Even if you don’t have a lot of assets or property to worry about at the moment, it’s still a good idea to start thinking about what you want to happen to your assets if something happens to you. By starting the estate planning process now, you’ll have more time to think about your options and make sure that your wishes are carried out in the event of your death.
Reason 2: You Never Know What the Future Holds
Another reason to begin estate planning in your 20s is that you never know what the future holds. Even if you’re in good health and don’t have any major health concerns at the moment, it’s still a good idea to plan for the worst-case scenario. This way, if something does happen to you, your loved ones will be taken care of and your assets will be distributed according to your wishes.
Reason 3: You Can Update Your Plan as Your Life Changes
As you grow older and your life changes, you’ll likely want to update your estate plan. By starting the estate planning process in your 20s, you’ll have more time to make changes as your life evolves. This can include updating your will, adding or removing beneficiaries, or changing your power of attorney. Starting the process now will give you the flexibility to make changes as your life changes.
Reason 4: You Need a Will
According to Legal Zoom, only 50%-60% of people don’t have wills. This means that a large percentage of people die without leaving any instructions on how they want their assets distributed. If you die without a will, your assets will be distributed according to state law, which may not be in line with your wishes. By creating a will now, you’ll ensure that your assets are distributed according to your wishes.
Reason 5: You Might Get Divorced
Another reason to begin estate planning in your 20s is that you might get divorced. According to some statistics, the average age for a divorced couple is 30. If you do get divorced, you’ll need to update your estate plan to reflect the change in your marital status. By starting the estate planning process now, you’ll have more time to make changes as your life evolves.
Reason 6: Peace of Mind
Finally, one of the most important reasons to begin estate planning in your 20s is that it gives you peace of mind. By knowing that your assets will be taken care of and your loved ones will be provided for, you can focus on enjoying your life. Estate planning is an important step in ensuring that your wishes are carried out and that your loved ones are taken care of, so it’s a good idea to start the process as early as possible.
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In conclusion, estate planning is an important aspect of financial planning that should not be overlooked. By starting the process in your 20s, you’ll have more time to think about your options, make changes as your life and lifestyle evolves, and ensure that your assets are distributed according to your wishes. Additionally, you’ll be able to plan for your long-term care and consider the possibility of divorce. Most importantly, estate planning can give you peace of mind knowing that your loved ones will be provided for in case something happens to you. So, don’t wait, start estate planning today and secure your future.