Can You be Too Young to Have an Estate Plan?
Many people fail to have a plan in place before they die, but is it possible to be too young?
When people start preparing for their eventual death, they are usually older—in their 60s, 70s, and beyond. However, you do not have to be a senior citizen to start thinking about an estate plan. In fact, every adult should have some sort of estate plan in place. But how young is too young?
For example, can an infant, school age child, teen, or young adult have an estate plan? Do you have to be a certain age? Read on to find out the estate planning laws that apply in Texas.
Can You be Too Young?
Each state has its own laws when it comes to asset ownership. In Texas, minors—anyone under the age of 18—cannot legally own any real property. In addition, they cannot legally receive any assets, so if they are a beneficiary of an estate, they need someone appointed by the court to control the assets until they become an adult.
In order to have an estate plan, one must have assets. Because children legally do not have assets, anyone under the age of 18 would be unable to create an estate plan. If the child dies before reaching the age of 18, their parent or guardian would be in charge of their estate.
Therefore, yes, a person can be too young for an estate plan. A person can create a will once they are an adult and of sound mind, meaning they fully understand what they are doing.
What is the Best Age for Estate Planning?
Once you turn 18, you legally become an adult in Texas. Your parents or guardians are no longer responsible for you, and while you may not have any assets, you should consider healthcare planning documents such as a healthcare directive and power of attorney. These documents tell healthcare providers what to do if you become incapacitated and cannot make your own decisions regarding medical care.
Once you reach 18 years of age, you can begin the estate planning process, as long as you have assets. Your 30s are usually the best time for estate planning. By this time, you may be married with children and have a career. You may own a home and have some savings and other assets. At the very least, you should have a will, which outlines who will receive your assets in the event of your death. A trust may also be a good idea if you have more complex assets. An estate planning lawyer can assess your situation and help you find the best option to ensure your wishes are met.
Contact a Pearland Estate Planning Attorney
Estate planning can be a complicated process, but it is necessary if you want your assets to be distributed in accordance with your wishes. And do not wait too long—the sooner, the better.
For effective representation, contact John Powell III, P.C. We have more than 20 years of experience helping Texas residents with their estate planning needs. Schedule a consultation by calling or filling out the online form.