Fiction: Estate planning is for old people. I'm too young to worry about it.

Fact: There is no right age for estate planning. Depending on personal circumstances, people in their 20s, 30s, 40s, and beyond may need estate plans.

Even if you do not have a large estate, there are many reasons to complete an estate plan—aside from saving taxes and adding to your 401(k) plan. If you have children, at a minimum, a will is essential. Without a will, some states will select a guardian for your children, and that person may not be your choice.

Additionally, without a will, the state will decide who gets your property and in what manner. So, if you have assets to protect, estate planning is essential regardless of age.


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