Estate Planning Moves For Your 30s

When in your 30s, the last thing on your mind is dying. But it may be the right time to start planning to protect your family and assets.

An article on dailyfinance.com says your 30s may be the most important time to start planning because you may have the most to lose, particularly if you have a young family.

Here are some things the article recommends people in their 30s do:

  • Draft a will. This says who gets your possessions and lets you appoint someone to take care of any minor children if necessary.
  • Living will. To outline your wishes if you are incapacitated.
  • Durable power of attorney. To identify someone to make financial decisions for you if incapacitated.
  • Health care proxy. 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, particularly if your employer offers a 401 (k) plan.

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