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Estate Planning for Young and Unmarried

For many people in their 20s and 30s estate planning is far removed from their daily concerns. However, no one knows exactly how much time we each have on earth before we pass away. Spending some time planning and organizing your affairs can help decrease the overwhelming burden placed on survivors during these emotional times. There are some basic planning steps that can be taken to protect your loved ones even when you are in your 20s or 30s. First, it is important to keep all beneficiary designations up to date on bank accounts, life insurance policies, and investment or retirement accounts. Second, take action to avoid the unnecessary entanglement of probate. Third, consider executing a basic will and other basic estate planning documents such as durable powers of attorney in the event of incapacitation, medical powers of attorney, and a health care directive to physicians. Finally, consider an adequate amount of life insurance to cover things such as student loans and other indebtedness so as not to burden your survivors. For more information, See Erin Lowry, Here's How To Financially Prepare for Your Death While You're Still Young and Unmarried, Forbes, May 31, 2016. 

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