As a young professional, you may think that estate planning is not yet necessary. However, even though you are young and likely without severe health problems, estate planning is still essential.
Here are four considerations as you begin this process.
Draft a will
Your will is the most basic element of your estate plan. Your will can direct how you want your assets distributed.
Your will can also designate an executor or administrator in your will. In the case of your death, this person will manage the probate proceedings associated with your estate.
Consider children and pets
If you have children or pets, you can dictate guardianship within your estate plan. You can also establish a trust for your child or pet to support their care.
Assign a health care proxy
When you create a health care advance directive, you can appoint a health care proxy. If you become incapacitated or unable to make decisions for yourself, your health care proxy will carry out your wishes and make your medical decisions on your behalf.
Appoint a digital executor
A digital executor can ensure that your digital assets, such as photos and social media accounts, are accessible after death. This is important if you want your friends and family to access these assets.
You likely do not need an extensive estate plan as a young professional. The basic elements of an estate plan are generally enough to protect your assets and to make your wishes known in case of death or incapacitation.