If you embarked on your dream career after college, your benefits might have come with a retirement account. If it didn't, you might have started one on your own. If that's the case, you might assume that you've taken all the steps you need to take to plan for your future. Unfortunately, that's not the case.
To make sure that you're totally prepared for the future, you need to develop an estate plan. You might think that you're too young to start an estate plan, but that's not the case. In fact, one of the best times to start your estate plan is straight out of college. That way, your estate plan can grow with you. If you still don't think you need an estate plan yet, read the information provided below. You'll find three of the many reasons to get your estate plan in order.
1. You Want to Alleviate the Burden
If you haven't created an estate plan for yourself yet, think about the burden you might leave behind. If you pass away without an estate plan, the burden for those final decisions falls to a member of your family. If you're married, the burden falls on your spouse. However, if you're not married, that burden may fall on your parents. Unfortunately, they may not have any information regarding your final wishes, which is where the estate plan comes into action. When you have an estate plan, your family will be shielded from any of the decisions that need to be made.
2. You're Starting Your Own Family
Now that you've graduated from college and you're actively engaged with your new career, you might be ready to start your own family. If that's the case, now is the perfect time to also get started on your estate plan. One of the benefits of having an estate plan in action when you start your family is that you'll be able to track their financial future. Some of the items you should include in your estate plan are life insurance policies, pre-paid funeral plans, and detailed funeral arrangements. Once you have children, you should also include guardianship plans in your estate papers.
3. You Need Your Plans in Writing
Finally, if you're concerned that your family won't honor your final wishes, it's important to have an estate plan in place as soon as possible. This is especially important if you have a life partner that you're not married to. Without an estate plan in place, your partner could find themself without the protection they need should you pass away. With an estate plan, you know that your partner will receive all the benefits and protections you intended for them.
To learn more, contact a local financial advisor.
Share21 July 2021
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