One of the most common estate planning misconceptions is that you have to wait until you’re a certain age or at a certain net worth to begin planning. In actuality, the sooner you plan, the more prepared you and your loved ones will be for life's unexpected twists and turns. Here are a few things that anyone between 18-40 should consider when it comes to planning for the future.

Questions to ask yourself

If something happened to you tomorrow, would your family and loved ones know the answers to key questions, like:

• Which accounts you have,
• Where to find your financial information, or
• What your wishes are related to medical decisions?

If the answer is no, there may be key gaps in your estate plan that need to be addressed.

What you should your estate plan cover?

The objective of estate planning is to have a plan in place so your loved ones can carry out your wishes—even if you are 35 years old and in perfect health. For example, with a durable power of attorney or trustee, you'll have someone with the power to manage the distribution of assets and take care of such practical things as selling your home and accessing your bank account. A will details how you would like your assets to be assigned. And especially with your children or dependents in mind, you can designate guardians or financial account trustees.

Discussing the distribution of your assets while you're still living gives you the opportunity to explain what items you left to whom and why. This will clue your loved ones in on the rationale behind your decisions which can prevent additional emotional turmoil upon your death. Plus, financial transfers tend to go much more smoothly when your beneficiaries are aware of the plan beforehand.

While it can be emotional, it’s important to have “what-if” conversations with your family and loves ones, so that everyone important to you knows what your wishes are for everything from key medical decisions to asset distribution.

Plan for your dependents

If you have children or other financially dependent individuals in your household, it’s important to plan for how they will be cared for in the event of your passing or incapacitation. Even if you don’t yet have much in the way of assets, especially if you are still paying off student loans or other debt, planning for those who depend on you financially is imperative.  Life insurance can replace lost earnings, which is especially useful for younger people who may not have enough funds in savings or retirement accounts in the event of an untimely death. Plus, when you're younger, you're more likely to be eligible for reduced rates.

Meet with estate planning professionals

You can DIY home renovation projects, but your estate plan should be left off the list of things you do yourself. If you haven’t already, it’s likely time to meet with estate planning professionals, including attorneys and accountants, to begin planning for the future. Contact our Estate Planning team to learn more about how we can help.

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