When you're in your 20s, it might not seem like the right time to start planning your estate. After all, you probably think of your life extending into your 80s, 90s or even longer.
The reality is, though, that planning should start as early as possible. Early financial planning helps you get ready for a long life and can prepare your estate for the unexpected. You may have a 401(k), retirement accounts or other benefits already, which need to be accounted for in the case of your death.
Why start estate planning so young? Isn't there time?
No one knows when they'll be seriously hurt, impaired or pass away. It's one of life's many uncertainties. That's why it's a good idea to set up a very basic estate plan as soon as you can. You can set up a will or trust, identify a beneficiary or two and even assign a health-care proxy for yourself in the case of a serious injury. Overall, early estate plans usually get set up to protect you in the case of injury, but they can also assign your assets to beneficiaries in the case of your death.
What do I need to do to set up an estate plan?
Start by reaching out to your attorney to talk about estate planning and what you need to bring to your consultation. With the right financial documents and information on your assets, your attorney can help you move forward with setting up your will and other important estate planning documents. Our site has more on what you should expect.