If you are in your 20s, the last thing you probably want to do is plan your will. However, you have to think about your loved ones, so it's important to take a few steps toward estate planning while you're young. These are a few things that you should start looking into now.
1. Write a Will
If you're still in your 20s, you might not feel as if you have many assets to leave to your loved ones if something happens to you. However, it is important to determine what will happen to your home, your belongings, your children, your pets and anything else that matters to you. You don't have to hire a lawyer for estate planning if you don't want to, although it can be smart to do so if you have a lot of assets. Even if you just print a template off of the Internet and fill it out, it's important to have some sort of will now. Keep it in a safe place, such as in your fire safe, and give a copy to a trusted family member. Also, remember to update it as you go through life changes, such as if you get married, have kids or purchase a house of your own.
2. Purchase a Life Insurance Policy
Final expenses can be extremely expensive. Medical bills, funeral costs, leftover debts and more can become a really big burden on your family, so you don't want to leave your loved ones to pay for everything if something happens to you. Plus, you probably want to make sure that your spouse, your kids and the other people who you care about have something to take care of themselves with if you do happen to pass away prematurely. This is where life insurance can come in handy. Plus, you're likely to get a higher-value policy for a lower rate if you purchase insurance when you're young, so there is really no better time than now to look into a life insurance policy.
3. Talk to Your Family Members About Your Final Wishes
Along with writing your will, have a casual conversation with your closest family members to tell them what you want to happen to you when you pass away. For example, you might have a preference between being cremated or being buried. You might not want to be resuscitated if you get sick, or you might want to donate your organs if you die. Tell your family members about your preferences now so that they can be respected in the event of a tragedy.
It might be tough to think about dying when you're so young, but it's never too soon to start with your estate planning. If you need help with these three steps, consider talking to an estate planning attorney for assistance.