Young adults don’t typically picturing themselves growing old or becoming incapacitated due to an accident. This is the age where men and women are buying homes, contributing to retirement accounts, buying life insurance, etc. There are some necessary actions that should be taken to solidify loved ones’ well-being in the event of death or incapacitation. Being young shouldn’t encourage you to put planning off until a later time. You should see it as an opportunity to do some simple planning for when life isn’t so simple.
Here are the top ten ways the young adult can solidify their future security:
1. Plan for the worst – accidents can happen to anyone.
2. Name a guardian for your minor children.
3. Think about whom you want your assets to go to and put this in a Will.
4. Have a pet? Plan for its care.
5. Organize important documents and let loved ones know where they are stored.
6. Consider end of life healthcare decisions.
7. Consider funeral arrangements.
8. Ensure that proper beneficiaries are named on life insurance policies and retirement accounts.
9. Own a home? Ensure real estate is titled to reflect your goals.
10. Ensure that any casual conversation with family or friends about assets end up on paper.