Many people hear the phrase “estate planning” and assume this is only for older people. You need to get this out of your mind.
Regardless of your age, family situation, or finances, there is a good chance that you could benefit from reviewing your estate plan. This can mean many things, including:
— Create a will. Simply put, a will establishes who will receive your property after your death. This is not something you necessarily want to think about in your 30s, but it’s better to be safe than sorry. You plan on living for many years, but it’s a good idea to think about the well-being of your family.
— Create a living will. This is an important part of any estate plan, as it clearly outlines your wishes in the event that you become incapacitated.
— Create a durable power oaf attorney. Who will make financial decisions for you if you are unable to speak for yourself? Well, this can be a difficult question to answer if you don’t have a durable power of attorney.
— Purchase life insurance. With a life insurance policy in place, you’ll have peace of mind in knowing that your spouse (or somebody else) will receive a death benefit upon your passing. This money can come in handy when paying final expenses or any other bills that are left behind.
— Fund your retirement. There is more to estate planning than thinking about your death. You also need to plan for living the good life in the years to come. This means one thing: contributing enough money to your retirement account.
As you can see, there are many things you can do from an estate planning perspective in your 30s. These tasks will point you in the right direction, but there are many other details to take into consideration.
If you have any questions, need to make changes, or are facing some challenges, don’t hesitate to consult with an estate planning attorney. A legal professional can review your current estate plan, answer your questions, and help you feel better about what the future will bring. There is nothing better than the peace of mind that comes along with having a comprehensive estate plan in place.
Source: Nov. 30, -0001