Believe it or not, if you are 18 years of age or older, you should have some amount of estate planning completed.
Even if you meet the “young and broke” definition with zero concerns other than living paycheck to paycheck, at the very least you should have a living will in place, and hopefully also a financial and healthcare power of attorney. If you no longer meet the “young and broke” definition, or are beginning to start a family, you need to look into purchasing some life insurance, appointing a standby guardian for minor children and putting a last will and testament in place. If you’re divorcing or remarrying, you most certainly need to have an estate plan in place or review any existing estate plan for needed changes.
Essentially, your estate planning needs may be different from other friends and family members, but no matter your life stage, some level of estate planning is recommended.
To learn more about the appropriate amount of estate planning at your stage of life, visit here.