Some adult responsibilities come with specific deadlines. Young men who turn 18 have to take prompt action to register for the Selective Service System to comply with federal regulations, for example. Other adult responsibilities are not subject to a specific timeline. Instead, people have the option of handling those matters when and how they see fit. Technically, estate planning is not a legal obligation, just a necessary practical consideration.
People typically need to draft wills to protect themselves and their loved ones in an unpredictable world. Considering one’s future death and the vulnerability of family members can be a very unpleasant experience. Many people delay estate planning because they don’t want to think about what happens after they pass. Unfortunately, but procrastination results in many people dying without a will on record. Approximately two-thirds of adults in the United States do not currently have an estate plan.
When is the right time for an adult to draft a will?
Any adult can draft testamentary documents
Most people gain the ability to draft testamentary documents when they turn 18. Those who pursue emancipation as minors can draft testamentary instruments before their 18th birthday in many cases. Those who have just reached adulthood may not have much property to their names. Often, they do not yet have spouses or children who depend on them. For many people, it is either the acquisition of certain resources or the establishment of certain family relationships that may motivate them to draft a will.
Having a child, getting married or becoming the guardian of a sibling if their parents die can make estate planning necessary. Buying a house or starting a business are also good reasons to draft a will. Those familiar with intestate succession rules often understand why drafting a will early is beneficial.
Without a will, assets may pass to immediate family members, including parents, when someone dies. Especially if someone has established a long-term romantic relationship without marrying their partner, drafting a will might be the only way to provide support for their partner should a tragedy occur.
The best time to draft a will is generally as soon as possible. People shouldn’t wait until they achieve certain milestones or face medical challenges to take action to protect their legacy and their loved ones. Instead of waiting until life circumstances feel settled, they can draft basic documents early and then update them occasionally as their situation changes.
Drafting a will and other estate planning documents can give people peace of mind and access to protection when they are at their most vulnerable. People can continue to adjust their wills as their assets and beneficiaries change, making planning early the best option in many cases.