Contrary to popular belief, you are never too old to establish an estate plan. It doesn’t matter if you are 18 or 81, 25 or 95, 30 or 100; age does not matter one bit when creating an estate plan. In fact, if you have the opportunity to create your first estate plan at the age of 90, do so. Protecting yourself, your assets and your loved ones is important no matter your age.
One thing to keep in mind is your ability to make decisions. This ability might diminish as you get older because of various medical conditions. In order to create an estate plan, you need to be of sound mind, which means you must be coherent enough to make decisions on your own. This is why most estate plans are created at younger ages.
Estate planning takes a lot of work and consideration on your part. You might feel too tired to make these decisions or meet with your attorney at an older age. Even though it is perfectly legal to create an estate plan when you are older, you might benefit from doing it while at a younger age.
You can also update your estate plan at any point during your life, even if you live to be 100 or older. All you need is your attorney present and to be of sound mind when updating the documents in the estate plan.
Estate planning is one of the most important aspects of life. It doesn’t matter how old you are when you sign the documents. Just make sure they are written to your liking and that you are of sound mind when you sign them.