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Many times, people associate the term “estate” with wealthy individuals and celebrities. They mistakenly think that estate planning is only important for those with many assets. However, that is one of the most common misconceptions about estate planning.

If the pandemic has taught us anything, it should be that there are no guarantees in life. Indeed, uncertainties and setbacks abound. Even so, various surveys indicate that only a third of Americans have an estate planning document as a will in place.

No matter your age, your level of health, or the number of assets you have, everyone can benefit from having an estate plan in place. Unfortunately, many people falsely believe an estate plan is either unnecessary or would be so complicated to begin that they choose simply to forgo it.

Contrary to popular belief, you do not need to be in your 60s, 70s, 80s, or older to establish an estate plan. Estate planning is crucial for everyone regardless of age, health, and wealth. That is why even people in their 20s and 30s can benefit from creating an estate plan despite their young age.