Do I Really Need an Estate Plan If I’m Under 40?

DISCLAIMER: This blog post should not be construed as legal advice.

Most people assume estate planning is something to worry about later in life, after you’ve built wealth, grown a family, or retired. But the truth is, if you own anything at all, a home, a car, a bank account, or a business, you already have an estate. The question isn’t whether you need an estate plan. It’s whether you want to be the one making decisions or leave those decisions up to the state.

What Is Estate Planning, Really?

Estate planning is about control and protection. It’s not just about “who gets what” after you’re gone, it’s about who can make decisions if you’re ever unable to, how your assets are managed, and keeping your loved ones out of unnecessary legal or financial stress. In short, estate planning ensures your wishes are honored and your future is protected.

Why It Matters Before You Turn 40

You don’t need to be wealthy to benefit from an estate plan. Here’s why it’s important now, not later:

You Own Real Estate

Whether it’s your primary home, an investment property, or even a condo, without a plan in place, your loved ones may face probate, delays, or legal complications.

You Have Digital and Financial Assets

Think bank accounts, investment portfolios, retirement plans, life insurance, crypto, and even monetized digital platforms. These need to be handled with clarity and care if anything happens to you.

You Run a Business or Side Hustle

If you’re a business owner or have an income-generating venture, an estate plan protects your business interests and outlines how it should continue or close.

You Want a Say in Your Healthcare or Finances

If you’re ever in a position where you can’t make decisions for yourself, legal documents like a power of attorney and healthcare directive ensure the right person can step in.

It’s Not About Net Worth, It’s About Peace of Mind

Even if you don’t consider yourself “wealthy,” you likely have people, property, or values you care about. Estate planning gives you the power to protect those things, intentionally and proactively.

It’s also a way to avoid unnecessary legal processes, taxes, and emotional strain for your loved ones.

What Every Under-40 Estate Plan Should Include

For young professionals, homeowners, and entrepreneurs, a complete estate plan typically includes:

• A Will or Revocable Trust

• Durable Power of Attorney

• Healthcare Power of Attorney and Living Will

• Beneficiary Designations

• Real estate and business succession planning, if applicable

Final Thoughts

Estate planning is not about expecting the worst. It’s about being prepared, responsible, and thoughtful about the life you’re building, and the people connected to it.

If you’re under 40, now is the ideal time to create a simple, effective plan that grows with you.

Need help getting started? If you're in Illinois or Florida, I offer estate planning services tailored to your goals, whether you're buying your first home, starting a business, or building your legacy.

Contact me to schedule a consultation and take the first step toward protecting what matters.