When people think about estate planning, they may automatically assume it is a concern for those who are of a certain age and lot in life. However, there is never an age that is too young to think about an estate plan and ensure that the process is handled correctly. Anyone, especially those in their 30s in Michigan, who owns a home, has a family or has any kind of assets should act to protect themselves and their loved ones.
There are certain documents the 30-something generation should create as soon as possible. One is a will. A will is necessary to protect assets and can outline who will administer an estate. More importantly, a will can also outline who will act as a guardian to minor children.
Two other documents that 30-somethings should consider as part of an estate plan are a living will and a durable power of attorney. Some may assume these are for the elderly with serious health conditions. However, an accident can easily leave a person incapacitated and unable to make health care decisions. A durable power of attorney will allow a trusted individual to handle financial matters, such as paying bills, and a living will outlines specific wishes for medical care in case of incapacitation.
Having a comprehensive estate plan can ensure that everyone is on the same page in the event of an accident or a death. When people in Michigan are in their 30s and starting a family, an estate plan may be an afterthought, but it is something that should be considered. Also, anyone creating an estate plan at the age of 30-something should plan to revisit and revise that plan as life changes necessitate.
Source: dailyfinance.com, “6 Estate Planning Moves You Should Make in Your 30s“, Michele Lerner, Oct. 10, 2014