It is never too early to begin planning for your future, and that includes your estate plan. Estate planning as early as in your 20s is a wise choice because there is never a guarantee on the length of a person’s life.
As a 20-something-year-old, you might think it’s too soon to plan for your future retirement or to set up a will, but it’s not. You may not plan to die any time soon, but a good estate plan still protects you in the case of serious injury (if you can’t take care of yourself). A health care advocate, your health care proxy, is designated through your estate plan. This person helps take care of your needs if you are unable to due to injury or illness.
Your next order of business should be to name a durable power of attorney along with your health care proxy. The durable power of attorney has the right to make financial decisions on your behalf. A health care proxy makes medical decisions. Together, they’ll make sure you get the care you need and have the finances to support that care.
A durable power of attorney is great for people who plan to travel, too. They have the ability to help with taxes and finances while you’re away, so you don’t have to come back to the United States to handle your affairs.
Setting up these two important designations now is a good start to your estate planning. Our site has more on what you can do to start creating a plan that works well for your situation.