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What should young people do in regards to estate planning?

It is a common misconception that estate planning is only for older people. This is something you need to consider when you are young. An estate plan may not be necessary while you are in college, but once you secure a job and start a family, it is something to add to your to do list.

The most important thing for a young person is to learn more about the many types of estate planning documents, such as a living trust, last will and powers of attorney.

A living will lets you decide how to be treated medically if you are unable to make decisions on your own. For example, you have the option to opt for or against artificial life support. These are tough decisions to make, but it is nice to know that you are in charge.

Once you have the knowledge necessary to create an estate plan, you should involve others in your life who may be impacted by your decisions. This could include your spouse, partner, parents and/or children.

People are making money and starting families earlier than ever before. For this reason, it is important that they also think about the estate planning process and everything it entails.

If you are young, it is easy to believe that you don't need an estate plan. However, you don't know what is going to happen in the future. The best thing you can do is protect yourself to the fullest extent. This starts with a comprehensive estate plan that touches on all the most important details of your life.

Source: LegalZoom, "Estate Planning & Young Adults - What to Consider," accessed May. 27, 2015

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