Procrastination is part of human nature. People naturally try to avoid activities that they find unpleasant. Many people find it easy to put off estate planning because they don’t want to think about dying and worry about the costs involved.
However, estate planning does not need to be particularly expensive. It also doesn’t need to be a difficult, traumatic experience. Many people derive personal benefits from estate planning in the form of a sense of security and peace of mind. Despite knowing the benefits, many people find reasons to delay the estate planning process, possibly because they think that the best time to estate plan is later in life.
When is usually the ideal time to begin creating an estate plan?
Most people in their 20s need an estate plan
Those familiar with the law often recommend that anyone over the age of 18 invest the time to create an estate plan. When young adults become legal adults, they lose out on several important forms of support. Their parents can no longer access their financial resources or medical records.
In an emergency scenario, such as a car crash that puts a new adult into a coma, there may not be anyone to handle affairs on their behalf. Even those who have not begun living independently yet may benefit from drafting powers of attorney and advance directives so that other people have the authority to handle their affairs and know what kinds of support they want.
Once people start establishing their families and their careers in their twenties, estate planning becomes that much more important. Those with spouses or children need to think about what might happen to their dependent family members if they die unexpectedly. Those with decent incomes and personal assets need to think about what may happen to their property if they die.
Most people in their mid-20s or beyond may need basic testamentary instruments. Wills and sometimes even trusts are useful for those with careers, valuable property and families. As people approach retirement age or when they start experiencing medical issues, they may want to revise and expand their estate plans.
Older adults can plan to cover long-term care costs, improve their chances of qualifying for Medicaid and put documents in place to avoid guardianship as they age. In most cases, the best option for estate planning involves creating documents as soon as possible and then regularly updating them as personal circumstances change.
Overcoming a tendency to procrastinate can help people protect themselves and their loved ones. An estate plan is a crucial form of support for the person who drafts documents and those in their inner circle.
