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At what age should someone start their estate planning?  email this discussion to a friend?

myLot reputation of 75/100. PlanetProzac (144)   ranked 4,975 out of 32,950 in life 5 years ago

I was thinking of doing a will because I hear so many horror stories about people that didn't take care of their business and the family ends up paying a lot of taxes. Do you think there is a right age or should everyone over 18 years old have one? Perhaps age doesn't matter but what matters if you own property? Anyone have any advice on this?

 

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tags:  estate planning, taxes, wills
 
1. myLot reputation of 97/100. danishcanadian (24607)   ranked 88 out of 32,950 in life   5 years ago

I can't think of a proper age, just that one should start planning their estate as soon as they have assets they would want distributed after death. A young person with a lot would have more to plan for than an old person with nothing, for example.

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2. myLot reputation of 90/100. Pigglies (5141)   ranked 7,734 out of 32,950 in life   5 years ago

It's hard to say. You could die at any time (not to be morbid). For me, it wouldn't make much sense to have a will since I don't own much. But if I owned a house and actually had it planned out who I wanted it to go to, I would do one. For now, I don't own much. Perhaps I could leave my harmonica collection to someone.

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3. myLot reputation of 95/100. kelly3 (4843)   5 years ago

I don't think you are ever too young. Once you are over 18, that is.

Kelly

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