The Dangerous Fallacy of “I Have Plenty of Time” in Estate Planning

As parents, we often juggle countless responsibilities—providing for our children, ensuring their education, nurturing their growth, and securing their future. Yet, one crucial responsibility that many parents neglect is estate planning. A common myth that holds families back is the belief that they are "too young" to need an estate plan or that they have "plenty of time" to deal with it later.

This line of thinking is a dangerous fallacy—one that can have devastating consequences for your children if the unexpected happens. Let’s break down why this belief is false and how delaying estate planning puts your kids at risk.

Myth #1: “I’m Too Young to Worry About Estate Planning”

Many parents in their 20s, 30s, and even 40s believe that estate planning is something only older people need to do. The reality? Life is unpredictable. While no one likes to think about worst-case scenarios, accidents and sudden illnesses do not discriminate based on age.

If something were to happen to you and you don’t have an estate plan in place, here’s what could happen to your children:

• A judge—not you—will decide who raises them. Without a legally appointed guardian, the court will determine who will take care of your children. This could be a relative you wouldn’t have chosen or, worse, foster care if no suitable family member is available.
• Your children’s inheritance could be mismanaged or wasted. If you die without a will or trust, your assets may not go directly to your children in the way you would have wanted. Instead, a court-appointed guardian may control their finances, and the money could be distributed in ways that don’t align with your wishes.
• Your children’s future could be unstable. Without a clear legal plan, fights among family members can arise over custody and assets, leading to stress, financial loss, and instability for your kids.

Estate planning isn’t about age—it’s about responsibility. If you have minor children, you must have a plan in place to protect them.

Myth #2: “I Have Plenty of Time”

It’s easy to assume that estate planning can wait. After all, most people don’t expect to pass away or become incapacitated anytime soon. But no one knows what the future holds. Every day, families are thrown into turmoil because a young, healthy parent unexpectedly becomes incapacitated or passes away.

Imagine this scenario:

• You and your spouse go on a weekend getaway and are involved in a serious car accident. You both become incapacitated. Who will take care of your children immediately? Who will have legal authority to make decisions on their behalf? Without an estate plan, the courts will decide—and that process takes time, leaving your kids in limbo.
• A sudden health crisis, such as a stroke or a severe illness, leaves you unable to make decisions for yourself. Without a power of attorney or healthcare directive, your loved ones will have to go through a costly and time-consuming court process just to make basic decisions on your behalf.
• If you pass away unexpectedly without a will or trust, your assets may be frozen for months or even years, leaving your family without access to financial resources when they need them the most.

Waiting until later isn’t just risky—it’s irresponsible when your children’s well-being is at stake.

The Consequences of Delaying Estate Planning

Failing to plan does not mean the government will step in and take care of everything for you. Instead, it means that:

1. A judge will decide who raises your children—not you.
2. Your family will have to go through lengthy and expensive court proceedings to access your assets.
3. Your children may not receive their inheritance the way you intended—without a trust, they could receive everything at age 18, regardless of their maturity level.
4. Your spouse or loved ones may not have immediate access to your finances, making it harder to care for your children in the short term.

The Simple Steps to Protect Your Children Now

The good news? Estate planning does not have to be complicated or overwhelming. A solid estate plan includes:

• A will to name guardians for your children and outline your wishes.
• A trust to manage and protect your children’s inheritance.
• A power of attorney to allow someone you trust to handle your financial and legal matters if you become incapacitated.
• A healthcare directive to outline your medical preferences if you cannot make decisions for yourself.
• Beneficiary designations on life insurance policies and retirement accounts to ensure they go directly to your chosen heirs.

Taking action now means that if something unexpected happens, your children will be protected, and your wishes will be honored.

Conclusion: Don’t Let This Fallacy Put Your Children at Risk

Thinking you are too young or that you have plenty of time to create an estate plan is a false sense of security. No parent wants to imagine the worst, but responsible parenting means preparing for all possibilities, not just the ones we expect.

By taking a proactive approach to estate planning, you ensure that your children are cared for by the people you trust, that their financial future is secure, and that they never have to experience the chaos and hardship that comes with unplanned estates.

The time to plan is now—because later is never guaranteed.