Many people delay estate planning because they think they are too young to need one. One study found a massive 67% of eligible American adults do not yet have one. That can be a costly mistake both for the person and their loved ones. Remember, estate planning is also about health care, not just your assets.
The only time you are too young to make an estate plan is until you turn 18: as the law does not allow you to make one before that point. The day you reach the age of majority and become an adult, every day without an estate plan is a day you could come to regret not having one.
That might sound a bit dramatic, but it is easy to continue delaying, always convincing yourself that you have more important things to do than visiting a legal office to get help with planning.
Failing to have one could mean your treatment preferences are not respected
An advanced health care directive allows you to specify any treatments you would not want. Naming a health care power of attorney makes it clear to doctors whom they should consult on important decisions about treatment you did not cover.
Imagine if your mom wants to keep you on life-support for as long as possible, despite the pleas of your partner who knows you wouldn’t even want it turned on in the first place. If the doctors are unsure who speaks on your behalf, things could become complicated.
If you have not yet made your estate plan, you may be pleasantly surprised to find it is not as difficult or time-consuming as you feared, provided you get the right legal help.