Thinking about the day you will no longer be around is not the most pleasant way to spend an afternoon. However, you might want to start thinking about it sooner rather than later. You should start estate planning as soon as possible.
Estate planning seems like it is only applicable for older people, but in reality it is important for everyone to have an estate plan.
What goes into an estate plan?
Some of the decisions you can include in your estate plan are:
- Who has control of your bank accounts
- Funeral plans
- Division of your assets
- Guardianship of your children
- Naming an executor (someone who handles paperwork for your taxes, estate etc.)
- Assigning power of attorney (someone who takes care of paying bills, investments and other financial decisions)
These are just a few examples of what will go into your estate plan. All of these decisions are important for you to clarify.
How can an estate plan help?
Having an estate plan can ease a lot of stress from your family and friends should something happen to you. If your loved ones do not know what you want them to do or what decisions they should make, that could lead to arguments and even more distress. Making an estate plan as early as possible will give you and your loved ones peace of mind.
You might think you’re too young to start thinking about planning for a tragedy but it’s never too early to make sure you and your family are taken care of for the future.