How old is too young? Attorney, Stephen Cortes, discusses what age you should start thinking about an Estate Plan?
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- Today's topic is how young is too young for an estate plan. Welcome to two minute Tuesday, where I attempt to discuss an estate planning topic in two minutes or less. Now, before we get started, if you're enjoying these videos every Tuesday, can you please do me a huge favor and hit the Subscribe button in the right-hand corner below. I would really appreciate it.
So recently, on Instagram, I asked what estate planning topics they might be interested in. And one of the ones we kept on getting from people, either on Instagram, or through direct messages, is, how old do I need to be before I have an estate plan? Well, and this was coming from somebody that was fairly young. And the truth is, it doesn't matter how old you are. If you're an adult, 18 years or older, you need to have an estate plan in place. You need to have, at a minimum, a last will and testament, your durable power of attorney, your health care power of attorney, your living will and your HIPAA authorizations.
Now, depending on your age, I would probably also recommend a revocable living trust. The whole idea nowadays is to make sure that your estate plan is in place. And it doesn't matter how old or how young you are. We never know when something could happen. You could be in a car accident and be incapacitated just for a couple of months, or even a couple of weeks. But during that time you need someone to take over and make sure that your bills are still paid, and deal with doctors and medical personnel.
So, the answer is, it doesn't matter how old or young you are. You need an estate plan.
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