If you’re just starting to work on your estate plan in your 30s, you’re not the only one. Many people wait until they get married, start having children or start to work with their parents on their estate plans before they make them themselves.
Estate planning in your 30s is a great idea. You have an opportunity to plan for your future and retirement within your estate plan. You also have the chance to protect yourself in case of serious illness or injury. Your estate planning now will help you protect yourself, your assets and the people you care about.
There are some good tips about what you should start planning for in your 30s. For example, you may want to plan for:
· Sudden emergencies and illnesses requiring a health care proxy
· Pet guardianship
· Guardianship of your children if you and the other parent pass away or are unable to care for them
· Your home and passing it on to your beneficiaries
· Medicaid and longer-term care planning
All of these things can be addressed in your estate plan.
How can you get started with your estate plan?
To get started, you should consider talking to your attorney. You’ll start by going over the basics, such as what you’d like to have happen if you pass away or who you’d like to have take care of your children if you cannot. Then, you’ll start building on those kinds of topics, setting up a will, trusts and other legal protections that keep you, your assets and your loved ones safe and sound.
Should you start planning if you don’t have many assets?
Even if you don’t have a significant number of assets now, this could be the right time to start planning. You should address the possibility that you could get hurt or pass away early. Discuss what you’d like to do with your belongings. If you don’t have a basic will, your estate will go into probate, which is costly and time-consuming. Your attorney can help you avoid probate and work with you to set up an estate plan that addresses all the major issues you could run into.