When you're in your 30s, estate planning is probably the furthest thing from your mind. But no one knows what the future holds, that's why any estate planning attorney will recommend you start developing an estate plan now to make sure your family and assets are protected.
Having a last will and testament is important for anyone, but it's absolutely vital for parents with young children. A will lets you choose a suitable guardian for your children and plan for their financial needs after your death.
You should also create a living will and name a healthcare proxy to protect yourself in the event you become ill or injured. A living will explain what you would like to happen if you are incapacitated or in a permanent vegetative state, giving your opinion on issues such as IV feeding and the use of a ventilator to prolong your life. A healthcare proxy authorizes a specific person to make medical decisions on your behalf. In the absence of a living will or healthcare proxy, the court will appoint someone to make decisions regarding your care.
A durable power of attorney is similar to a healthcare proxy, but deals with the authority to manage your financial affairs if you are unable to do so on your own. If you want, you may name the same person you selected as your healthcare proxy.
Finally, people in their 30s should make sure they have suitable life insurance. Life insurance can be used to pay for funeral expenses as well as provide protection for a spouse and dependents. Term insurance is the cheapest form of life insurance, but you may choose to purchase permanent life insurance as a way to help fund your retirement or save for your child's college education expenses.
How Can We Help?
Working with an experienced estate planning attorney is the best way to ensure that you have an estate plan that fits your needs. If you are in need of assistance with an estate planning issue, please call our experienced Pasadena attorneys at (626) 683-8113 or email us at info@PasadenaLawOffice.com.