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Young people need to think about estate planning

Many people are under the impression that estate planning is something you do later in life. While it is never too late to take on this responsibility, you don't want to put it off.

Believe it or not, this is something you should begin to think about as a college student. This way, once you graduate, you'll have an estate plan in place that you are comfortable with.

Although no two people are the same, there are a few things every young person should take into consideration in regards to estate planning.

For example, it typically makes sense to create a basic will. This goes a long way in ensuring that your assets end up in the right place should you pass on. You don't expect this to happen when you're young, but it's better to be safe than sorry.

Other estate planning documents to consider include:

-- Power of attorney

-- Health care directive

-- Health care proxy

You aren't required by law to create an estate plan, but with so many ways of doing so, it is something you will want to look into. There's a good chance you'll find the perfect combination of forms, ensuring that you end up in a better place when everything is said and done.

Don't wait until later in life to think about the benefits of estate planning. Instead, this is something that young people should learn more about. Your estate plan will change over time, but you need to start somewhere. You might as well do so when you're young.

Source: Bankrate, "Estate planning checklist for young folks," accessed Sep. 05, 2016

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