Estate Planning in Your 30s
Just because you haven’t reached retirement age doesn’t mean it’s too early to begin planning your estate. Your estate plan will help resolve your debts and distribute your assets upon your death. And though we all hope to live a long and happy life, we also know that the future is not guaranteed. Planning your estate now ensures that your estate and your loved ones are protected after you’re gone.
Last Will and Testament
The best tool to begin planning your estate is a Last Will and Testament. This is a basic estate planning document that allows you to name heirs for all of your belongings and stipulate an executor to settle your estate and pay your final debts.
If you have minor children, it is vital to name a guardian in case both you and your spouse should pass away. You can include your guardian plan in your Last Will and Testament or in a Living Trust. A guardian plan ensures your children are looked after by a skilled and willing caregiver without enduring a lengthy court custody battle. Creating a guardian plan will give you the peace of mind to know your children are being cared for. And here’s an extra tip: Don’t forget to name a back-up guardian in case anything should happen to your first choice.
If you saw the news reports on Terry Schiavo, then you can understand how important it is to create a mental disability plan. Such a plan allows you to name someone to speak for you in the event that you are no longer able to make your own medical or financial decisions. With a disability plan you can name someone to handle your financial affairs, made medical decisions on your behalf and even let your healthcare providers know how you want to be treated in certain end-of-life situations.
If you pass away, who will help your spouse pay the bills? How will your children go to college? Life insurance is a financial safety net for family members who depend upon you as a source of income. It is best to purchase a life insurance policy in your twenty’s when your premiums will be much lower, and you will have a better chance of being approved.
To learn more about building your own estate plan, contact our office today.