Everyone in my family knows about my mother’s big blue binder. I jokingly refer to it as her “Book of Life.” The binder includes physical copies of important documents, directives for next of kin and information on various accounts, passwords and assets—all the paper makings of an estate plan.

For years, I thought only older people had to concern themselves with such a project. As a 30-something still renting, paying down debt and slowly growing my savings, I assumed I was far too young for estate planning.

That’s a common assumption. A 2024 survey of U.S. adults by Caring.com, the senior community platform, found that just 24% of respondents ages 18 to 34 said they had a will.

But when my grandmother died earlier this summer, I started talking more with my parents about their expectations around death and inheritance, which then also prompted me to contemplate my own.

As it turns out, I’m nowhere near too young for this. Someone as young as 18 could benefit from making an estate plan, says Sarah Behr, a financial planner and founder of Simplify Financial Planning in San Francisco.

The reason is as straightforward as it is difficult to think about: The moment someone turns 18, parents no longer have a legal say in financial and health matters without instructions and permissions in place.

As a result, Behr recommends setting up three important documents: an advanced healthcare directive, which allows your loved ones to make decisions about your medical care in the event of a life-changing illness or injury; a power of attorney, which allows others to access your financial accounts should you become incapacitated; and a simple will, clarifying how you’d like your assets to be distributed after death.

Wish fulfillment

One issue for younger people may be that they don’t yet feel that they have much to pass on to anyone. But setting down your wishes now for items that might not have great financial value—such as a car or apartment furniture and decor, even tchotchkes or knickknacks—can provide a framework to build on, making it easier to add items as your possessions expand, says Mitch Mitchell, an estate-planning attorney and product counsel at Trust & Will, a digital platform for estate planning.

He also encourages people to think beyond physical items, such as leaving a plan of care for a beloved pet so that family know who should be trusted to step up and care for the animal. Also, things like social-media logins, email-account details and more can prove to be a real headache if they aren’t spelled out.

You should leave instructions for how loved ones can access your student-loan account, 401(k) and other financial accounts, and make sure they won’t have issues accessing phones, laptops and other devices, Mitchell says.

“You can say, ‘Oh, I don’t have anything,’ but you have somebody,” says Mitchell. “You have people who are going to want to step in and help” see that your wishes are followed. “Help them help you.”

Behr says that creating an estate plan, no matter how small, also opens up a larger conversation with older relatives and parents about their own plans for end-of-life care. “That’s an important dialogue to have intergenerationally, to say, ‘We’re all grown-ups in the room now. Let’s talk about what happens if something unexpected happens,’ ” she says.

Getting started

Earlier this summer, when my grandmother’s health had taken a turn for the worse, I told my parents I wanted to start this conversation with them. They both agreed a discussion would be healthy and necessary for myself and my siblings. But, as the eldest child, I never followed up—the emotions swirling around felt too heavy and dark to hold. I’m hoping that moving forward with my own estate plan—albeit skimpier than theirs—will give me the courage to restart that important dialogue with my parents.

I want to make a plan that provides care instructions for the dog I share with my girlfriend, but I also need to make sure that my partner is the one who benefits from my 401(k) and makes decisions about my health in case tragedy strikes.

It may help to keep in mind that nothing in an estate plan is written in stone. You can change your plan as you go along. If nothing else, you may need to add a new partner or spouse to your beneficiaries list, or remove a deceased parent.

Behr recommends keeping digital copies of estate-planning documents as well as physical ones on paper. I may have laughed at my mother’s “Book of Life” as a child, but Behr’s insight inspired me to consider making one of my own—and then sharing its contents with those I trust.

“This is part of being an adult,” Behr says. “If you’re responsible enough to have a bank account, a retirement account, maybe a pet—you need to have these” plans.