People typically cannot draft valid estate planning documents until they become legal adults. Most 18-year-olds and professionals in their 20s don’t worry much about estate planning. It is common for people to wait until far later in their lives to draft documents describing their testamentary preferences and preparing for the challenges of advanced age.
Some people wait until they are about to retire or until they are faced with major medical issues to draft estate planning paperwork. When should people start drafting a will and similar documents?
Many people die without any official documents
Technically, there is no maximum age for estate planning. As long as someone is still healthy enough to understand their circumstances, they are in a position to draft estate planning paperwork. Unfortunately, many people take their ability to plan years later for granted and fail to establish documents.
Recent research indicates that roughly two-thirds of American adults lack even a basic will. If they have some kind of unexpected health issue or sudden emergency, their loved ones may be left without any form of support or guidance. Additionally, people never know when injuries or cognitive decline could leave them incapable of creating legally binding documents.
People can protect themselves and their loved ones by drafting documents as soon as they become necessary due to financial success, dependent family members or medical challenges. They can continue to update those documents routinely until they reach adulthood.
Sitting down to create a will and other estate planning paperwork can help people protect their loved ones and control their legacies.