If you are young, in college and do not have any children, then you may think estate planning is something you can wait to do, but the truth is anyone over the age of 18 should have an estate plan.
Of course, your needs at age 20 will be different than the needs of someone in their 40s or older, but there are a few documents you want in place that can help your family should you end up unable to take care of yourself due to an illness or accident. Forbes explains that you will want to create powers of attorney and a will at minimum.
Powers of attorney
A power of attorney gives someone else the legal right to make decisions for you and on your behalf if you cannot do so for yourself. You should at least have one for healthcare and one for finances. Putting these in place should be a top priority. The POA allows you to decide who makes your decisions and makes the process easier for your loved ones should you end up in a situation where you need someone to step in.
You also want to create a will. This document does not just serve as a way to leave your assets to others, so if you do not have anything of value, you still want to create one. You want to cover your finances and other details of your life that will give your loved ones directions on what to do with your belongings in the event of your death.
It is also a good idea to update the beneficiaries on any accounts you have. Give them a once over to be sure they are still accurate and reflect your current desires.