With over 10,000 Americans turning 55 daily, estate planning is something that should be on the minds of many as they age. As the population ages, Alzheimer’s and dementia is devastating elderly Americans. While estate planning in general is important, estate planning while younger is very important because of the ability to not only plan for after you pass away while still having all your mental faculties.
Early Estate Planning Tips Before Turning 55
Early planning also allows for you to plan for your care as you grow older. In this article, I will discuss some specifics of why early estate planning is important and some ways that you can incorporate end of life planning into your estate plan if done at an earlier age.
Estate planning done while you are still younger is a very wise step to make for your future for several reasons. First, tragedies happen. Younger people die of accidents and tragic diseases every day, and very few of them have much notice of their impending death. Along with this idea, if you are able to do your estate planning before something unfortunate happens, you are able to make decisions without other stressors weighing on you. Another important aspect of estate planning while young and healthy is that you will be of a clear mind and it will be difficult for someone to attempt to challenge your wishes in court if compared to when you are elderly or ill.
Estate Planning Early Will Make Retirement Easier
Another important aspect of estate planning while young is that in addition to the standard estate planning, you will be able to have some guidance and make informed decisions on what you want to do with long-term care options if you suffer from something that requires that. As mentioned earlier, Alzheimer’s and dementia are an epidemic among the elderly. One aspect of those diagnoses is that eventually long-term care will be provided. That care is very expensive and can easily drain your estate over the course of the last years of your life. With proactive estate planning, different strategies can be applied in order to attempt to structure your estate in a manner where there is a remainder to help care for those you love.
To conclude, estate planning while young is an important step for everyone to take. By planning while young, you are able to help create contingencies for life’s surprises and provide a plan for long-term health issues in your old age.