There is a misconception when it comes to estate planning that writing a will is only worthwhile if you are wealthy. This myth also leads people to believe that there is little point in having a will if you are young and just getting your financial start.
The reality is that it is never too early to have an estate plan in place, regardless of your asset profile. By understanding the importance of getting your affairs in order early, you can start making better decisions when it comes to planning for the future.
You should start a will when you start a family
If you are unsure of when the best moment might be to start writing your will, consider doing it immediately after welcoming a new child to your family. Even if you feel that you do not have many assets to your name yet, it is in your child’s best interests for you to ensure that they receive the best care and support possible if the worst should happen. You can start by drafting a very simple will that accounts for the necessities and then build onto your estate plan over the years as you acquire more assets.
Estate planning becomes more difficult the longer you wait
Waiting too long to write a will means that you will have more assets and other circumstances to consider when you finally get around to it. The guardianship of your children will also come into question upon your passing if you do not specify your intent through your will or a special needs trust.
Your 20s are certainly not too early to have a will. In fact, your younger adult years are the perfect time to start an estate plan that you can build on for decades to come.