If you’re atleast 18, the answer is now. 18 is when the law determines that you are an adult and this is the best time to estate plan because at that point you usually don’t need a complex estate plan. Now Ryan (the 7-year old that made 26 million dollars last year...that’s a different story, his estate plan might be pretty complex at 18 if he still has money) All most newly minted adults will need is a Will, Advance Directive, and a Power of Attorney.
As your life changes and evolves and you find a job with a 401(k) or obtain more bank accounts, and life insurance you can continue estate planning by using your beneficiary designations to decide who the benefit should go to if they don’t go to you.
Getting into the habit of estate planning early will make it seem like it’s normal and natural when you have a more complex estate (which usually comes when you have a spouse, children, real estate, pets, stock options and the like).
if you have any questions, or want more information purchase a copy of Controlling Your Legacy. Or if you would like to begin the estate planning process please contact On My Own Financial to schedule a consultation.