In your thirties, you might still be paying off student loans, and you may think you don’t need to start planning your estate. However, if you don’t have many assets, it may be even more important to plan to make sure what you do have goes where you’d like it to. You see, your net worth is not the deciding factor in organizing your estate. Instead, ask yourself if loved ones would know what accounts you have, what debt you have, and where they would obtain account information if something were to happen to you tomorrow. Would your loved ones know what your wishes are?
The objective is to have a plan in place so your loved ones can carry out your wishes — even if you are in perfect health. Have the what-if talk. So, what questions should you be asking when meeting with an estate planning attorney? You’ll probably need to consider a number of tools to help you, and a professional can give the details:
- A revocable living trust package details how you would like your assets to be distributed. Especially with children in mind, you can designate guardians and trustees.
- Life insurance can replace lost earnings, which is especially useful for younger people who may not have enough funds in savings or retirement accounts in the event of an untimely death. And when you’re younger, you’re eligible for reduced rates.
It’s about time you start planning for life’s unexpected twists and turns.
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