You may think that it is too early to make an estate plan. Perhaps you have always assumed that estate planning is something people typically do in their 60s, as they near retirement age, or in their 70s or 80s, after they move into a nursing home or assisted living facility.
However, the reality is that to create an estate plan in Nevada, you only need to be at least 18 years old. Once you are a legal adult, you can draft a plan to address future medical decisions, the distribution of your assets and much more. While you may not have many financial assets at 18, your plan can still focus on the type of medical care you would want in an emergency, or you may want to set up a power of attorney so that someone else can make decisions on your behalf if you become incapacitated.
You can update the plan
One reason that people do not make a plan early is that they correctly point out that it will probably become outdated. Say that someone drafts a will at 18 but does not pass away until 78, which is fairly well in line with American life expectancy. During those 60 years, their financial picture and their medical preferences may have changed significantly.
But this is not actually a problem because you can always review and update your estate plan. Some people choose to do this on an annual or biannual basis. Others make updates at key times, such as when they get married, when they have a child or if they receive a serious medical diagnosis.
Either way, you can see that it is impossible to be too young for estate planning, so everyone needs to know exactly what options they have and what steps to take.