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Estate planning a good idea for young adults

Posted by Lidia Law Firm, P.C. | Jul 27, 2018 | 0 Comments

Young adults in Oklahoma may think they will not need an estate plan until they are older. However, it is a good idea to start creating an estate plan early on, even when someone has just graduated from college and is starting his or her first job.

One of the things young people usually need to consider is what will happen to their belongings after their death. U.S. News says that it is a good idea to write a will to ensure assets are distributed according to a person's wishes. Sometimes young adults may be unmarried but have a significant other. With a will, people can ensure that their partner receives certain items. Additionally, it is recommended that people make sure they have a beneficiary for their life insurance or workplace retirement plan.

It is also a good idea to name someone as a durable power of attorney. This means that if a person is out of the country or incapacitated, someone can still take care of any financial problems which arise. People should also make sure they appoint someone to be in charge of health decisions if they are unable to make these choices.

Sometimes a person's health may deteriorate to the point that he or she is incapable of making a decision. According to Forbes, if young adults know in advance how they want to take care of their health, they can ensure their wishes are followed by putting them in writing. People also need to think about their finances. It is a good idea to choose a beneficiary for investment funds and also for savings accounts. Additionally, young adults may want to consider their social media accounts. It is a good idea to leave instructions about who should handle these accounts or shut them down. People may also want to write down their usernames and passwords to make it easier for another person to access these accounts.

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