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What do you know about estate planning in your 20s?

| Mar 26, 2021 | Estate Planning |

You recently graduated from a Florida college, and you may feel you have several decades before tending to estate planning. Should you create a preliminary plan ASAP?

U.S. News & World Report offers insights for protecting your legacy as a recent college graduate. Learn why you should begin sooner rather than later.

You need a decision-maker

In the coming years, you may become physically or mentally incapacitated and unable to voice your medical decisions. By creating a health care proxy and durable power of attorney, you designate a person to speak with your voice regarding health care and financial matters. Even if you do not suffer a medical emergency, if you want to travel internationally to further your education, work or see the world, establishing a durable power of attorney ensures someone in the U.S. may make financial decisions for you.

You need beneficiaries

Maybe you already accepted a job offer with a company that provides a retirement plan or life insurance policy. If so, you know you must name a beneficiary to accept your insurance death benefit or assets.

On a related note, create a will that names beneficiaries to receive your assets when you die. Without this legal document, the court chooses your beneficiaries, and you may not like the person or persons they select.

You need to handle student loan debt

It may take you several years to pay off student loan debt. If you die before wiping the slate clean, lenders may go after your estate to cover the remaining balance, meaning your beneficiaries may not receive the assets you left them.

Take steps to safeguard your estate, even if you feel you do not have one yet. Do your future self a favor and act now.