3 reasons you should start estate planning in your 20s or 30s

If you are not even 40, estate planning might be the last thing on your mind. However, this is an important consideration regardless of your age. While you are busy enjoying the present, make sure you start preparing for the inevitable future. If the worst should happen, such as a car accident or debilitating illness, you can ensure your assets are passed on as you wish and save your loved one from legal hassles.

Writing a will or establishing a trust does not have to be a scary process. Here are some of the top reasons you should begin planning for the future now.

1. Care of your pets

Pet ownership is a wonderful thing. You love your dog or cat as if it were your own child. What happens if you die suddenly? Who will take care of your beloved companion? You should include a provision in your will detailing how and who you would like to care for your pet if you pass away.

2. Access and control of your digital assets

It is no secret that much of your life revolves around your smartphone or computer. Whether it is storing cherished pictures, organizing important work files or keeping up with friends on social media, you have created a lot of digital assets. With your estate plan, you can decide who will be able to access and control these assets, including any text messages, social media accounts or computer files.

3. Handling of co-owned property

Do you have a bank account or even a home with your significant other? There can be legal pitfalls with these things, especially if you are unmarried. If one of you suddenly dies and there is not sufficient documentation, the future of this property may be unclear and fraught with complications. Keep records of financial contributions by both of you and determine what will happen in the event of an unexpected death.