Is there such a thing as too young to have an estate plan?

The initial answer to this question is “yes” only if you are not an adult. Otherwise, you are not too young to have an estate plan. I’ve heard numerous times from people that they think they need to be old and wealthy to have an estate plan, but this is simply not the case, nor is it recommendable.

The reality is that once you turn 18, you enter the adult world and your parents no longer have any say over most, if not everything, that you do. This includes their inability to obtain your health information. Right at that moment, you should designate who you want to give that authority to because your parents no longer have it. This can be done through a healthcare Power of Attorney. Similarly, a property Power of Attorney designates a person of your choosing to have access to your financial matters in the event you become incapacitated.

As for a Will, it is recommended that all individuals have one when they turn the age of majority. A Will outlines what you want to have done with your property, belongings, assets upon your death. The truth is that none of us know when our last day will be or if we will have an accident that renders us unconscious. That’s not to say that we should live in fear that it can come about at any moment, but that we can do all that is in our power to prepare for that day. Having a clear estate plan makes it easier for our loved ones to take care of us and our affairs should something unexpected happen. If you don’t have an estate plan, you leave those decisions to other people and they might not do what you wished to happen.

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