How old should you be when you create your estate plan?
My daughter is 18 years old, and part of her plan is just waiting for her to sign and notarize. Why start so young? Because if she is seriously injured and unable to communicate, she will need someone who can make health care decisions on her behalf, who can access her finances, and can communicate with her university on her behalf. A health care directive with HIPPA release and power of attorney form will allow her dad and me to do so. Because she's 18, we are no longer her 'legal guardians' and certain records simply can't legally be released to us otherwise.
She doesn't need a will - yet. Under state law, if she dies without a will, Minnesota statutes dictate that everything goes to her living parents. But as soon as she owns real estate, or if she decides she wants someone else to inherit from her, she will need a will, too.
In addition to owning real estate or choosing heirs other than those set out by Minnesota statute, other times to consider a new will include after marriage, after the birth or adoption of a child, after divorce, or after receiving an inheritance.
Turning 18 is a great time to plan for the future - school, work, and an estate plan.