Nobody wants to dwell on the inevitable, but it's smart to be ready. Estate planning is often brushed off, especially by younger folks. However, getting a head start before hitting 35 can pave the way for a successful future. Here are five things to consider doing before you’re 35 when it comes to estate planning.
Create a Living Will
When it comes to estate planning, you want to consider creating a living will. It's also known as an advance healthcare directive or healthcare proxy - basically, a legal document that outlines your wishes for medical treatment in case you can't make decisions for yourself. Talk to your healthcare provider, and make sure your loved ones, attorney, and healthcare provider know where to find your living will.
Naming a Power of Attorney
Another thing to keep in mind is appointing a power of attorney to handle your finances and property in case you're unable to. The person you choose should know your financial affairs well and be someone you can trust. It's also a good idea to name a backup in case the first choice can't or won't fulfill the role. By having a power of attorney, you're setting yourself up for future financial stability.
Life insurance
Having enough life insurance coverage is super important, especially if you're planning to start a family or already have one. The main goal of life insurance is to make sure your loved ones are financially secure if something were to happen to you. It's crucial to have a policy that goes beyond just covering your final expenses and debts. The amount of coverage you need depends on your lifestyle and financial responsibilities, but if you have young kids, consider getting a little extra.
Estate planning for your digital assets
In today's digital world, it's crucial to think about what happens to your digital assets when you're gone. Most of us have social media accounts, online banking, digital photo albums, and other digital stuff. So, it's important to have a plan for these assets in your estate planning. Also, make sure your executor and beneficiaries have access to passwords and other permissions they need to get to your digital assets.
Choose Your Beneficiaries Carefully
When it comes to estate planning, it's super important to choose the right beneficiary. Make sure you specify who will get your assets and have a chat with your attorney. Don't forget to document your intentions in your estate plan documents, like your will, trust, and life insurance policies. And remember, keep updating your beneficiary choices, especially if any big changes happen in your life, like a divorce, marriage, birth, or buying new assets.
Nobody wants to dwell on the inevitable, but it's smart to be ready. Estate planning is often brushed off, especially by younger folks. However, getting a head start before hitting 35 can pave the way for a successful future. Here are five things to consider doing before you’re 35 when it comes to estate planning.
Create a Living Will
When it comes to estate planning, you want to consider creating a living will. It's also known as an advance healthcare directive or healthcare proxy - basically, a legal document that outlines your wishes for medical treatment in case you can't make decisions for yourself. Talk to your healthcare provider, and make sure your loved ones, attorney, and healthcare provider know where to find your living will.
Naming a Power of Attorney
Another thing to keep in mind is appointing a power of attorney to handle your finances and property in case you're unable to. The person you choose should know your financial affairs well and be someone you can trust. It's also a good idea to name a backup in case the first choice can't or won't fulfill the role. By having a power of attorney, you're setting yourself up for future financial stability.
Life insurance
Having enough life insurance coverage is super important, especially if you're planning to start a family or already have one. The main goal of life insurance is to make sure your loved ones are financially secure if something were to happen to you. It's crucial to have a policy that goes beyond just covering your final expenses and debts. The amount of coverage you need depends on your lifestyle and financial responsibilities, but if you have young kids, consider getting a little extra.
Estate planning for your digital assets
In today's digital world, it's crucial to think about what happens to your digital assets when you're gone. Most of us have social media accounts, online banking, digital photo albums, and other digital stuff. So, it's important to have a plan for these assets in your estate planning. Also, make sure your executor and beneficiaries have access to passwords and other permissions they need to get to your digital assets.
Choose Your Beneficiaries Carefully
When it comes to estate planning, it's super important to choose the right beneficiary. Make sure you specify who will get your assets and have a chat with your attorney. Don't forget to document your intentions in your estate plan documents, like your will, trust, and life insurance policies. And remember, keep updating your beneficiary choices, especially if any big changes happen in your life, like a divorce, marriage, birth, or buying new assets.
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