How Young Is Too Young To Craft An Estate Plan?

In Mississippi, you have to be at least 16 years and 6 months old to apply for a driver’s license. If you want to sign a contract or buy a pack of cigarettes, you have to be 18. But you aren’t considered an adult in the eyes of the law until you turn 21 years old. 

Becoming a legal adult comes with a lot of rights and responsibilities, and even more “should-dos” that you may or may not get around to right away. One of those should-dos is executing an estate plan

At Palmer & Slay, PLLC, we assist Mississippi residents in Brandon and beyond who want to get this should-do item off their to-do list. 

No Age Limits On Estate Planning

There is no law saying you need to be a certain age before you can make an estate plan. And no law saying you must execute one at some point. However, it is something everyone should do. 

There is no right age to start thinking about estate planning. Instead, the act is often triggered by life circumstances. 

Having Kids

Many people make their first estate plan after becoming parents. There is no better way to leave instructions on who you would want to be your child’s guardian if you and your partner meet an untimely death. 

Getting Married 

As soon as you tie the knot, the state of Mississippi makes a lot of assumptions about how you would like your assets treated if you die before your spouse does. 

While the state’s plan for your estate may work well for your family, most families would prefer to have more say over what happens to their assets after death. This is especially true if one or both partners are entering into a second marriage, or have children from previous relationships.

Your family is unique, and your estate plan should be carefully crafted to fit it. 

Retirement

When you begin to dip into your retirement savings, it is time to think seriously about estate planning. A careful plan can help you enjoy your retirement. 

Heading To College 

Students who are heading to college away from their families should consider executing an estate plan that includes a healthcare power of attorney document and living will or advanced healthcare directive. 

These important documents tell healthcare providers exactly who should be allowed to make decisions on your behalf if you become incapacitated. They also give the person or people you have chosen to make decisions for you some insight into what choices you would make for yourself. 

Preserving Your Wealth. Protecting Your Loved Ones. 

While each of the milestones above may inspire you to make your first estate plan, they can also serve as reminders to update your existing plan. Much like a car needs its oil changed on a regular basis, estate plans need to be updated every once in a while to ensure they still reflect your wishes. 
The Palmer & Slay team is happy to help anyone who is beginning their estate planning process. No matter what your age or life circumstances, we can help you craft a plan that fits your needs. Please contact us today to schedule a meeting.