By Julia Carpenter | Wall Street Journal
Everyone in my family knows about my mother’s big blue binder. I jokingly refer to it as her “Book of Life.” The binder includes physical copies of important documents, directives for next of kin and information on various accounts, passwords and assets—all the paper makings of an estate plan.
For years, I thought only older people had to concern themselves with such a project. As a 30-something still renting, paying down debt and slowly growing my savings, I assumed I was far too young for estate planning.
That’s a common assumption. A 2024 survey of U.S. adults by Caring.com, the senior community platform, found that just 24% of respondents ages 18 to 34 said they had a will.
But when my grandmother died earlier this summer, I started talking more with my parents about their expectations around death and inheritance, which then also prompted me to contemplate my own.
As it turns out, I’m nowhere near too young for this. Someone as young as 18 could benefit from making an estate plan, says Sarah Behr, a financial planner and founder of Simplify Financial Planning in San Francisco.
The reason is as straightforward as it is difficult to think about: The moment someone turns 18, parents no longer have a legal say in financial and health matters without instructions and permissions in place.
“Many people mistakenly believe estate planning is only necessary for older individuals or those with significant wealth, but it’s actually crucial for anyone over 18. Whether you have a car, a bank account, or simply personal preferences about your healthcare, estate planning ensures that your wishes are carried out if something unexpected happens. Without basic documents like a will, power of attorney, or healthcare directive, your loved ones could face legal hurdles and emotional stress trying to handle your affairs. Even small assets or decisions, like who will take care of your pets or how to access your digital accounts, can cause confusion if not clearly laid out. Estate planning isn’t just about passing on assets, it’s about protecting yourself and your family from uncertainty and making sure your preferences are known. It’s a proactive way to provide peace of mind for both yourself and those you care about, no matter your age.”
-George Finn, Rose Law Group senior transactional and estate planning attorney
