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Estate plans aren’t reserved for people who are close to retirement–they’re for everyone, including you. Matter fact, everyone has an estate plan, but it’s either one you set, or your state of residence sets. Let me explain.
If you don’t create your own estate plan and you die, the state decides how your ‘estate’ or assets are distributed, and it might not end up being what you would have wanted.
Maybe you’re thinking, *I don’t have any assets yet Rianka. Why else would I need an estate plan?* Because you never know when you’ll need someone to make a decision on your behalf.
Exhibit A: You go hiking, fall, and end up in a coma (sorry for the dramatic worst-case scenario) and need someone to make medical decisions on your behalf, wouldn’t you want someone who knows your wishes and needs to make those decision for you rather family feuding on what they think you would want.
Exhibit B: You pass away suddenly, and have a few retirement accounts, checking and savings accounts only in your name, a few pair of Jordans, nice hand bags perhaps, with no estate documents, these accounts and items or assets have no designated beneficiary so now it’s up to the court to decide what goes where.
On that note, I’ll reemphasize, would you like the state to determine your estate plan, or are you ready to draft one up yourself? I’ll assume the latter!
Here’s how to get started:
Think about who you want your power of attorney to be a.k.a the person (or 2) who makes decisions on your behalf about property, finances, or medical care.
Think about who you want to pass on your assets to when you’re no longer here.
Next, work with an estate planner in your state to draft your estate documents, so if anything happens beyond your control, you have a plan in place.
Estate plans are a form of self-love and they are a way of showing your family and friends some love too! Don’t get caught slipping–get your estate plan together as soon as possible.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.