As a young adult, estate planning may not be the first action on your mind when thinking over what documents you need for the future.
While this process is often associated with older people, anyone of any age can benefit from crafting a plan.
Accidents and living wills
According to Kiplinger, a serious injury could happen at any time in your life. If you are unable to speak or communicate, you should have a written health care directive to make sure medical professionals know what you want to be done in an emergency.
Part of estate planning involves clarifying who you want as your agent to make healthcare-related, as well as potentially life or death, choices on your behalf. You could avoid conflict by clarifying who fulfills this role, since some family members or your spouse may have different opinions about what to do.
Assets and pets
Clarifying who you want to leave your assets and any heirlooms to is an important part of a will. While you may not assume this is only for people who accumulated more wealth, everyone should put down in writing who they want as beneficiaries. You may even have pets that you want to make sure someone will take care of in case you die.
Retirement accounts
Although you may not have as much saved for retirement as you want, any amount of money is significant enough that you should name beneficiaries.
Major life changes, such as getting married or having children, may get you thinking about estate planning at any age. Learning more about this process can help you take steps to prepare for the future.
