"Do I need to worry about estate planning?" The short answer: yes. The long answer: absolutely.
Whether you are young or old, single or married, wealthy or broke, it's never too early to start the process of estate planning. While death and taxes may be the only certainties in life, a good estate plan will allow you to have control over both.
Many people think estate planning is all about passing wealth through a will at death. While this is part of an estate plan, it also incudes appointing guardians for minor children, naming agents for health care emergencies, and making your wishes known for end-of life medical care. Estate planning also ensures there is an inventory of your financial accounts, personal property, and digital identity. This inventory will ease the administration of your estate after your death.
There are five estate planning documents that every adult with a pulse should have. This includes: (1) a will, (2) a living will, (3) a medical power of...