Part of financial planning is figuring out where the money goes when you pass on. While this is not a particularly pleasant thing to contemplate, it is an important thing to consider. Even though I’m not 30 yet, I think about how my husband and son would get along without me should something major happen. And you should, too. No matter your age.
One of the basics is to check your beneficiaries. Life insurance, retirement accounts, investment accounts, trusts, etc. are all items that require you to name beneficiaries. Every year or so, do a financial planning review and update your beneficiaries.
You’d be surprised at how many people find that an ex-spouse or a relative who has died are still listed as beneficiaries on their accounts.