Estate planning is for everyone, not just those who are firmly established and have what is perceived as abundant wealth to share. The truth is that you probably have something you want to safeguard for your loved ones, no matter what economic stage of life you are in. For 30-somethings, estate planning should be a no-brainer; here are three reasons why.
By now, you might not be rich, but you probably have something. Whether you've bought your first home or you just really want your sister to end up with the family photographs you've collected over the years, a will could be in order. A will lets you make specific decisions about how your belongings and assets will be disbursed among your heirs. We often think about things like cash accounts and real estate in this regard, but you can also use a will to ensure family members receive items that are sentimental.
Many people in their 30s have started families and have children of various ages. Hopefully, you have many more years together, but estate planning answers the questions of "what if?" What if something happens to you suddenly? Guardianships and trusts can ensure your minor children are cared for in a way you see fit.
Finally, as someone in their 30s, you hopefully have a lot of life before you. Many people don't realize that estate planning can actually help you secure your assets for your own use later in life. Consider talking to an estate lawyer about how trusts and other legal vehicles can help you shelter assets and how power of attorney forms can ensure you're interests are protected during emergencies.
Source: The Motley Fool, "3 Smart Money Moves to Make in Your 30s," Alicia Rose Hudnett, accessed March 17, 2017