Estate planning tips for people in their 30s
After you reach the age of 30, it won’t be long before you realize that your life has changed in many ways. During this decade of your life, you’ll likely put a lot of time into building your career. Of course, there’s a good chance that you’ll also start a family.
While you’re sure to have fun during your 30s, it’s important to take a step back and think about the future. This means many things, including creating an estate plan.
Yes, you need it now
Many people believe that creating an estate plan is only necessary later in life. However, nothing could be further from the truth. If you truly want to do what’s best for you and your family, you need to create a comprehensive estate plan early in life.
Getting started means something different to everyone, but there are some basic steps you can take to get on the right track:
- Draft your will. If nothing else, you want to draft a will that dictates who will receive what upon your death. This isn’t as detailed as a trust, but it’s a great place to start at this point in your life.
- Sign a living will. This has nothing to do with your death, but is instead a legal document that outlines your wishes if you become incapacitated as the result of an injury or serious illness.
- Make a durable power of attorney. Who will make financial decisions on your behalf if you are unable to do so?
- Designate a health care proxy. There may come a time when you need somebody to make important health care decisions on your behalf. A health care proxy ensures that the right person steps in.
Along with the above, your 30s are also a good time to focus on both life insurance and retirement savings. Getting an early start on these things will improve your financial standing over the long run.
It doesn’t matter if you’re interested in creating a will or trust, whether you are single or have a big family, there is never a bad time to begin to plan your estate.
Now that you are in your 30s, it’s important to devote the necessary amount of time to creating an estate plan that provides you and your family with peace of mind.
