It’s a common myth in Fremont and around the East Bay that estate planning is only for older people. A lot of people wrongly assume that having an estate plan only makes a difference when you are over 45 years old with several children and have financially established yourself.
The truth is that estate planning includes tools that can benefit adults of any age, including people in their 20s and 30s. It appears that the events of 2020 have convinced a growing number of millennials that the time to begin estate planning is now.
2020 caused a lot of young people to think about estate planning
A large survey of American adults aged 25 to 40 revealed that among those who had completed estate planning documents last year, 78 percent had drawn up a will, a big increase over previous years. Those who had created a will gave various reasons, but 17 percent said that the upheaval of 2020 was their biggest motivation.
A more common answer was the desire to protect their children (38 percent). The vast majority of pet owners surveyed said they used their will to appoint guardians for their animals should they pass away first. But it’s clear that 2020 taught many young adults in the U.S. that nothing is guaranteed. A will and other estate planning components can give people peace of mind throughout their lives.
Estate planning for every stage of life
An estate plan for a 25-year-old generally does not look the same as one for a 45- or 55-year-old person. It may focus more on appointing powers of attorney and creating an advance health care directive than dividing complex assets among multiple heirs. The good news is, estate planning is flexible. It can address your needs now, and as you get older and enter the next phase of life, you can go back and make changes.
For more detailed information about estate planning in your 20s and 30s, consult an estate planning attorney.