How to create a well-rounded estate plan

When it comes to estate planning, many Americans are unprepared for what comes after death. Two out of three adults do not have a will or other estate planning documents, according to the caregiving website Caring.com. But the number of young adults ages 18 to 34 with estate planning documents increased by 63% since 2020, due in big part to the coronavirus pandemic. 

For young adults, the more pressing issues beyond the distribution of family assets may be naming a health care proxy and power of attorney, CBS News business analyst Jill Schlesinger told CBSN.  "What you really want to think about when it comes to estate planning... is who will make a health care decision on my behalf if I can't do that myself? And who will make a business or financial decision on my behalf if I can't?" Schlesinger said. "This doesn't mean that you're on life support. This could mean that you're in the hospital, you're sort of laid up for a while."