One of the most common things that people say, when asked when they are going to do their estate planning, is that they’re just going to wait until they’re older. They feel like the time isn’t right.
This can happen to all age groups. Maybe it’s a newly married couple that wants to wait until they have children. Maybe it’s middle-aged parents who decide to wait until after the kids are out of the house. Maybe it’s a couple who is nearing retirement age and decides that, after they retire, they’ll take stock of what they own and put together an estate plan.
No matter what the specifics look like, the truth is that you should not wait. Some have gone so far as to call it estate planning’s number one rule. A lot of people procrastinate and it is perhaps the biggest mistake made when it comes to end-of-life planning.
The reality is that you can’t predict when your family will need that estate plan. You may hope that you’ll live to be in your 80s, but that’s actually higher than the life expectancy in America. You can’t count on that for certain. Even young, healthy people lose their lives in car accidents every day. Others pass away from sudden diseases.
Rather than waiting, why not get your estate plan in place early? It doesn’t hurt to have one for decades, even if you do live into your 80s, but it ensures that there is a plan for your family if the unexpected happens. You must know exactly what options you have and what steps you can take.