One of the biggest misunderstandings about estate planning is that it is only for people who are rich or old. The truth is that everyone can benefit from putting their estate in order, even if that estate is not worth much and the person is young.
No matter your age, it is a good idea to realize that estate planning is not only about money. You can also use it to put plans in place to help your family deal with your personal property after your death or to give them guidance if you suffer an illness or injury that makes you unable to make your own decisions.
U.S. News and World Report explains that having an estate plan lets you take care of your family by putting things in order so that they do not have to go through court battles or be left wondering what you would have wanted.
Keep it simple
The good news is that if you are young, you do not need a complex estate plan. Keep it simple and include only the basic information your family would need if you were to die. You can always update and change it as the years go by.
Plan for everything
You may not own a lot, but you should make sure that you leave instructions for handling anything you leave behind. This is especially important if you have a pet or you have a retirement account. Having instructions directly from you can make it easier for your loved ones when they begin packing up your life and moving forward after your death.