Estate Planning Tips For People Under 40
No one likes to think about estate planning, but it’s important for adults of any age to have their affairs in order, especially if you have family or loved ones. As the old saying goes, “hope for the best, prepare for the worst.”
Here are just a few stress-free tips to help you plan your estate.
Involve your loved ones
They may not like the conversation, but it’s necessary to make your requests known to your family and allow them the opportunity to input their wishes, also. Explaining your plan to your family may potentially lessen their burden when it’s time for them to make tough decisions.
Start early
It’s better to have a plan and not need it, than it is to leave your family unprepared should anything unfortunate happen. Even if you’re just earning an entry level salary in your new career, or paying off debts, it’s still important to make your wishes known. This is particularly vital if you are married or have young children, regardless or whether you own any significant assets yet or not.
Meet with an estate planning professional
When you meet with an estate planning professional, you’ll work out all of the finer details. Do your research ahead of time (learn the difference between a will and a trust, for example), so you can come up with a comprehensive list of questions for the attorney. With your attorney, you’ll be able to go over all the necessary components of an estate plan and make sure your plan is not only compliant with the law but also allows you to develop a customized plan tailored to meet your individual needs and priorities.
Review and update your estate plan periodically
Your life can change dramatically in the course of a few years. Your family situation or finances may change. Make sure your current estate planning documents, if you have any, are up-to-date and accurately reflect your wishes. Most professionals recommend updating your estate plan periodically, at least every few years, so that you can be ready for any of life’s twists and turns.
Regardless of your age, it’s important to plan ahead and spare your family the hard decisions involved in handling your affairs. Start planning today, and protect yourself and your loved ones.