Estate Planning: Essential for the Under-40s

The sooner you plan, the more prepared you’ll be for life’s unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, your net worth is not the deciding factor in getting your estate organized. Instead, ask yourself how prepared your loved ones and family would be if something happened to you tomorrow. Would they know what accounts you have? Where would they get your financial information? How would they know what your wishes are?

Financially dependent individuals — such as your children — deserve to be afforded as much of your estate as possible. If you don’t have many assets, it may be even more important to plan to make sure what you do have makes it to the destination you think is most appropriate.