Everyone needs an estate plan, whether you're a young 20-something-year-old or marching over the hill. Estate planning early in life is a good idea, but no matter how old you are, you always have the option to start.
There are many different tips for estate planning out there, but as someone new to the process, these three can be extremely beneficial for you.
1. Choose your team carefully
The first tip is to choose a good team to work with. That means finding accountants, attorneys and trustees you believe in and know will look after your best interests. Finding a team that works together well is another bonus, so do your best to research before choosing who to work with.
2. Choose your executor and health care power of attorney
You probably have some idea of who you would like to control your estate if you couldn't, and you probably know who would make decisions for your health care that you'd agree with. Appoint these people as your executor and health care power of attorney, so you know that they'll take care of you and your estate when you're unable.
3. Don't be afraid to ask questions
Finally, don't be afraid to ask questions. The reality is that every estate plan is different, but asking questions will help you become better informed on what makes yours special. Learn as much as possible about the estate-planning process, so you can better prepare yourself and your estate for illness or death.
These are three tips to help you as you start to set up your estate plan. Get the right help, so you know you're taken care of.