Estate Planning in Your 20s & 30s

Estate planning in your 20s and 30s seems like a silly thing to think about, but unfortunately, we never know exactly when we will pass, so it is important to act now. Planning ahead will help prevent added stress being placed on your family in an emotional time.

There are four simple steps you can take to protect your loved ones at an early age. First, put beneficiaries on all of your accounts to ensure your accounts get passed on to those you care about. Next, avoid probate code, so that the little money you have stays out of the court’s pockets. In addition, draft a will detailing your basic estates. Lastly, get life insurance if you have co-signed student loans to cover any outstanding balances.

See Erin Lowry, Here’s How To Financially Prepare for Your Death While You’re Still Young and Unmarried, Forbes, May 31, 2016.