Tips for Estate Planning in Your 20s
There is a common misconception that estate planning is something you only need to worry about as you get closer to retirement. Even on the younger end, many people believe it is not worth engaging in estate planning until you have children or have purchased your own home.
The truth is, however, that people of all ages can benefit from estate planning at a young age, even in your 20s.
Here are just a few examples of why estate planning in your 20s is so important:
- Beneficiaries: If you have any type of retirement plan, stocks, brokerage accounts or payable on death accounts, you should name beneficiaries for them, no matter how old you are. This ensures that your chosen person receives your benefits should you unexpectedly die.
- Provide healthcare instructions: At the very least, having a living will in place gives some instruction about the end-of-life care you would wish to receive should you be involved in an accident or other tragic situation. It can be unpleasant to think about this, especially at a young age, but unfortunately these incidents do occur and it is best to be safe and leave information for your healthcare providers to follow.
- Leave your assets: Just because you don’t have high-value assets like a house does not mean you don’t have anything you care about. Chances are you still have opinions about how you would like to divide your assets or who you would like to inherit certain things.
- Get ahead: The earlier you work on developing an estate plan the easier it will be to get in the habit of updating it as you age and go through major life changes and events.
For more information about estate planning at a younger age, contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.