Youth does not mean tragedy will not strike.
Are you in your 20s or 30s?
Are you healthy?
Are you living the life you want?
Do you feel invincible?
According to a recent Wealth Advisor article titled “Estate Planning Isn’t Only for the Old and Wealthy,” you are not invincible.
What should you do?
Create an estate plan.
A last will and testament provides directions for how you want your assets to be distributed.
To do this, you will need to inventory your personal, financial, and digital assets.
Be sure to include necessary passwords and usernames when it comes to the latter.
Some assets will pass through beneficiary designations rather than wills.
These include insurance, 401(k) plans, and payable-on-death accounts.
Review and update your beneficiary designations regularly.
You should also make plans for incapacity.
To prepare appropriately, you should have both a general durable power of attorney for financial matters and an advance health care directive.
Use these fundamental legal documents to appoint agents to make financial and medical decisions on your behalf.
A new year brings new joys and challenges.
Prepare for them with an estate plan.
Reference: Wealth Advisor (December 20, 2018) “Estate Planning Isn’t Only for the Old and Wealthy”