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Do these things to create your first estate plan
You have a lot going on in your 20s, but you may soon come to find that creating an estate plan would be in your best interest.
For example, if you have children, you don’t want to be without an estate plan. Doing so is a big risk that you shouldn’t be willing to take.
Fortunately, once you know what goes into creating an estate plan, everything will come together. Here are some tips for getting started:
- Sign a will. You don’t have to dive into the finer details of estate planning just yet. Instead, you can create and sign a basic will as a means of giving yourself peace of mind.
- Choose your beneficiary wisely. For some people, this is easy enough. You’ll name your spouse your beneficiary and that’ll be that. Conversely, it’s not always this simple. If you aren’t married, for instance, you’ll need to look into your other options.
- Consider strategies for saving your family money upon your death. For example, the use of a trust allows your estate to avoid probate. As a result, your family can receive your assets in a timelier manner, and all without spending any additional funds.
- Create a durable power of attorney. Your estate plan should touch on more than what happens after your death. With this legal document, you can make your wishes known in the event of incapacity.
Along with the above, there’s one last thing you need to know: Your estate planning needs will change with time. So, the estate plan you create in your 20s may no longer suit you well in your 30s.
Creating your first estate plan will have you thinking about the future. Fortunately, this is a good thing. Once you know what you need to do, you can create a plan for taking immediate action. When you combine knowledge of your situation with an overview of your legal rights, it’s easy to make all the right decisions.
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