If you are like many Americans, you think estate planning is only something older individuals must tackle. Indeed, according to a recent Caring.com survey, only 21% of millennials report having a basic will. Still, as a recent college graduate, you should prepare a will and other estate planning documents.
A will is a straightforward planning tool that outlines what you want to happen to your assets in the event of your death. If you have children, a will also can expressly state which of your relatives or friends should become their guardian.
Your digital assets
It is not uncommon for college students to accumulate dozens of digital assets. These assets may include your social media accounts, electronic music holdings and even some intellectual property. Because these assets can be quite valuable, you do not want to leave their future ownership to chance.
The first job you land after college is likely to change your life forever. Because you are going to be earning real money for the first time, you want to protect your finances with a will. After all, you should have some control over what happens to the money you work hard to earn.
Even though you have had good health throughout your life, fate has a way of destroying anyone’s well-intentioned plans. If you suffer a catastrophic injury or acquire a serious illness, having a will puts your mind at ease. When you are writing one, you also can designate someone to make medical decisions for you in the event you cannot make them for yourself.
Ultimately, to set yourself up for a lifetime of success, you should prioritize writing a will and completing some other simple estate planning steps.