Final answer:
Estate planning should begin when an individual starts to take on adult responsibilities, typically aligning with legal adulthood, which in the U.S. starts at 18. It includes preparing living wills, retirement planning, and health care directives, and proactively considering housing and care for old age.
Step-by-step explanation:
When to Begin Estate Planning
Estate planning is an essential aspect of taking on adult responsibilities. It is advisable to start thinking about estate planning when you begin to handle legal and financial obligations independently, which typically aligns with adulthood. In the United States, legal adulthood starts at the age of 18, though certain responsibilities and rights such as purchasing alcohol or taking on full financial engagements come at age 21. Proactive estate planning includes decisions about a living will, retirement planning, and appointing a medical power of attorney. This also involves considering your quality of life choices for old age, such as housing that offers independence and necessary care.
Adulthood varies from person to person and culture to culture, and while a person may be biologically mature earlier, the legal responsibilities and freedoms of adulthood usually begin in the late teens to early twenties. Preparing for the future, which includes estate planning, should ideally start when an individual is ready to embrace the freedoms and responsibilities that come with adulthood.