Estate planning often carries the misconception that it is solely the concern of the elderly or the wealthy. However, planning for your future financial and health-related decisions does not have a definitive age requirement.
In Colorado, the moment an individual turns 18, they are legally recognized as an adult and thereby hold the right to dictate their own financial, legal and health care decisions through estate planning.
Early planning can help secure your future
The question of “How young is too young to create an estate plan,” is a common question. Legally, any adult can and should begin their estate planning journey. For young adults, the foundation of estate planning is the will. This document provides clear instructions on the distribution of assets, no matter how modest.
You may not realize that estate planning is not just about asset distribution. It also includes designating powers of attorney and creating healthcare directives. These are necessary if you become incapacitated.
The benefits of creating an estate plan while you are young
Beginning estate planning at a younger age can offer many benefits. It instills a sense of responsibility and foresight regarding your assets and healthcare preferences. Also, planning early lets you update your documentation as your life changes. This will also be easier with a foundation in place.
It is never too early to consider the future. By looking into creating an estate plan now, while you are young, you are taking proactive steps to protect yourself, your assets and your loved ones. By initiating the process at a younger age, you ensure that your wishes are honored and that you are prepared for life’s unexpected turns.