Most people think they do not need to worry about estate planning until they have fulfilled at least a few big life goals like buying a home, starting a family, having their first child. However, this is simply not true. Here are few steps everyone needs to take, regardless of the size of their estate or age.
1. Draft a health care directive to layout your medical wishes and appoint an agent to make medical decisions for you in case you are unable to do so.
2. Draft a durable power of attorney for your finances.
3. Name a guardian for your minor children.
4. Update beneficiaries for your life insurance.
5. Update beneficiaries for your financial accounts.