By the time an individual reaches his or her 30s, he or she may be contemplating settling down or may have already done so. He or she may be comfortable at work, buying a home and getting married and having children. What many Massachusetts 30-somethings do not have, however, are wills and other estate planning documents.
A perception still exists that only older people who are nearing or in retirement need to worry about planning for their deaths. The opposite may actually be more accurate since someone in his or her 30s is more likely to have minor children to take care of than someone closer to retirement age. Without an estate plan, the fate of any minor children could be left to the state of Massachusetts along with the disposition of assets.
Not only does a will outline an individual's desires as to who will inherit his or her assets, but a guardian for the children can also be appointed in the event both parents pass away. If the children are still under the age of majority (or even older), any assets left to them may also be placed in a trust. Estate planning does not only cover what happens after death, but can also put a plan in place for what will happen if an individual is incapacitated by an illness or an accident. A living will, healthcare power of attorney and a durable power of attorney for a person's financial affairs may also be executed.
Everyone can benefit from even basic estate planning. Wills and the other documents mentioned herein do not only ensure that a person's wishes will be followed, but can give family members the peace of mind that they will know what to do should something unexpected happen. No one knows when a tragedy might occur, so being prepared is the best approach.
Source: dailyfinance.com, "6 Estate Planning Moves You Should Make in Your 30s", Michele Lerner, Oct. 10, 2014