It's a common misconception that estate planning is only for senior citizens or those facing significant health challenges. In reality, estate planning should be a part of every adult's financial and legal arrangements. The Elko, NV, lawyers at Goicoechea, DiGrazia, Coyle & Stanton discuss three estate planning tips for people under the age of 40:

Three Estate Planning Tips For People Under 40

Have A Serious Conversation With Friends & Family Members

No one wants to talk about what would happen if they became too ill to care for themselves, make their own decisions, or meet an untimely death. But to ensure your wishes are respected and your life is honored in the ways you deem most appropriate, having this conversation is crucial. Talk to your loved ones about what you want to happen should you become unable to speak for yourself, and let them know your preferences as far as end-of-life care, funeral services, and burials or cremations.

2. Start Designing Your Estate Plans

Once this difficult conversation is over, enlist the help of an estate planning lawyer to cover some of the basic parts of your plan. You'll want to draw up a will, a living will, and a power of attorney. The attorneys of Goicoechea, DiGrazia, Coyle & Stanton also suggest purchasing a life insurance plan. Death, like many other things, is expensive, and young people may not have the resources to cover it; this is where life insurance comes in handy.

3. Regularly Review & Update Your Estate Planning Documents

As a younger person, you're likely going to be facing a lot of changes in coming years — marriages, kids, moving homes, and job changes, to name a few. Make sure your estate planning documents are updated to reflect the changes in your life.

Call Goicoechea, DiGrazia, Coyle & Stanton at (775) 738-8091 to schedule a consultation with an estate planning lawyer. You can also visit the firm on Facebook and Google+ to stay up to date on recent news and developments. To a younger person, an estate plan may seem like a far-off necessity to be tackled down the road, but it is a vital bit of planning that any adult, of any age, should undertake.