If you are in your twenties or thirties, you may not be giving much thought to your estate planning.
Your goals may consist mostly of the following:
- Getting married
- Getting a good job
- Buying a home
- Starting a family
Preparing for your death is probably not on your list. According to AARP, 78 percent of millennials do not even have a will. However, it is smart to have an estate plan no matter your age.
1. Pass along your estate
You may have more wealth and assets than you assume. Your estate consists of more than just your bank account. Your estate includes any vehicles, personal property, retirement accounts and inherited heirlooms. Without a will in place, you cannot guarantee who gets your money or property. By establishing a will, you can feel at peace about who gets your assets.
2. Establish your medical wishes
While you may expect to live for several decades, you never know when a sudden illness or injury will occur. If you end up so sick or injured that you cannot make your own decisions, who will make them for you? Your estate plan should include a medical directive that details your preferences for end-of-life care and whether you want a specific person to make decisions about your health care on your behalf.
3. Protect your digital accounts
When you think about it, you realize that a lot of your precious memories and assets exist online. Do you ever think about what will happen to your social media profiles or online financial accounts when you die? Your estate plan should include how you want your online accounts to be managed when you pass away.
4. Transfer ownership of your pets
If you have a beloved dog, cat, bird, bunny or any other pet, you probably think of it as part of your family. Your estate plan should include your desires for who should take care of your pet if you die unexpectedly.