Follow these estate planning tips in your 30s
Are you in your 30s? If so, it’s safe to say that your life is changing in many ways. Maybe you are settling into your career. And maybe you are bringing your first child into the world.
While you have a lot going on, it’s important for you to turn your attention to estate planning.
Here are some of the many tips you can follow when estate planning in your 30s:
- Create a will. This is one of the most important parts of any estate plan, as it outlines who will receive your assets when you pass on. You should never assume that things will work out the way you expect, as there are many laws that govern what happens to a person’s assets if he or she dies without a will or trust.
- Create a living will. This is not the same as a last will and testament. A living will is used to outline your wishes in the event that you are incapacitated and unable to make your own decisions.
- Make use of a durable power of attorney. Who will make important financial decisions on your behalf if you are unable to do so? If you don’t have a durable power of attorney, you may not know the answer to this question.
- Buy life insurance. There is more to estate planning than creating a will. You also need to think about the long-term well-being of your loved ones. Buying life insurance will give you and your family peace of mind.
- Ramp up your retirement savings efforts. It may be difficult to find money to save for retirement, but you don’t want to put this off. The earlier you begin to save the easier it is to reach your long term goals.
Don’t let anyone tell you that it’s too soon to tackle the estate planning process. Once you reach your 30s, it’s important that you have a comprehensive estate plan in place. This will put your mind at ease, while also giving your family peace of mind.