When you are in your 30s, the last thing you are thinking about is dying. But it may be the best time to start planning to protect your family and assets.
A story on dailyfinance.com says your 30s may be the most important time to start planning because you may have the most to lose, especially if you have a young family.
Here are the things the article recommends people in their 30w do:
- Draft a will. This dictates who gets your possessions and lets you appoint someone to take care of any minor children if necessary.
- Living will. This outlines your wishes if you are incapacitated.
- Durable power of attorney. This identifies someone to make financial decisions for you if incapacitated.
- Health care proxy. It permits an appointed person to make medical decisions for you.
- Life insurance. Term life insurance is a cheap way to cover debts you don’t want to saddle your family with should something happen to you.
- Retirement fund. Start saving for retirement, especially if your employer offers a 401 (k) plan.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
