Some of the most compelling reasons to plan your estate may seem irrelevant when you are young. However, developing an estate plan at a young age may give you lifelong benefits including control of the things that are most important to you.
Because there is no such thing as planning your estate too early, strategizing a plan regardless of your age may save you significant resources and a lot of stress in the future.
Wills and estate plans
While it is a widely-held belief that having a will is a foolproof way to guarantee your end-of-life wishes, that is not always true. According to Fidelity, having a will allows you to clarify a variety of important aspects, but a well-rounded estate plan can provide other benefits. When established with care, your estate plan in conjunction with your will may lessen the risk of probate, increase the privacy of your personal assets and allow you to address more complicated topics including business succession.
Growth and change
As your life continues, you may experience life-altering events including marriage, the birth of children, career growth and investment opportunities. The benefit of building your estate plan at an early age is that it can grow with you over time. Making changes and updating your plan along the way is going to be much more manageable than trying to put a plan into place when your estate has reached capacity and your health is declining.
Another benefit of having an estate plan early on is that you can involve your family in its development and maintenance. This approach may help to reduce disagreements and inheritance disputes after your death because everyone will be well informed of your intentions.