If you are a young professional, estate planning is probably not even on your radar.
And why on earth should you have to think about it?
You don’t have many assets.
You’re single (and your grandma keeps reminding you about it).
Your family knows what you want.
You have other things to worry about.
You’re going to live forever.
However, estate planning is just as important (if not more important) for single young professionals as for older, wealthier, married-ier individuals.
But how do you create an estate plan? Where should you start? It’s a big question. Lucky for you, we have already done the heavy lifting. Here are 4 quick estate planning tips for young professionals:
1. Get a Durable Power of Attorney
In short, a Durable Power of Attorney is an estate planning document that gives someone (your “Attorney-in-Fact”) the ability to act for you in certain financial and/or medical situations.
“Why is this useful?” you may be yell-asking at your computer screen. And that’s a great question.