What Are You Planning For When And How Should You Start Estate Planning?
As soon as you turn 18 and start managing your own financial and healthcare (in some states) matters, you should have basic documents such as a Will and Power of Attorney in place. You should also make sure to name a beneficiary on all accounts that will pass upon your death, such as life insurance policies and retirement accounts. Read more https://www.halt.org/when-and-how-should-you-start-estate-planning
Whether you’re just starting out or have more experience, an estate plan is essential for anyone. It can help you minimize taxes that will be applied to your estate and give your loved ones more control over how their inheritances are distributed.
Why It’s Never Too Early to Start Estate Planning: A Guide for Young Professionals
You might be thinking that getting your estate plan together is too late for you, as a young adult. However, putting off this important task can have disastrous consequences in the event of your passing.
One of the biggest reasons why an estate plan is necessary is to prevent family strife and costly legal battles in the aftermath of your death. It also allows you to control who makes decisions for you if you become incapacitated or die.
When it comes to end of life decisions, there are no two people that are better suited than you to decide how to care for yourself and your loved ones. An estate plan will ensure that your wishes are followed and you get the care you deserve when it’s time to go.