A common misconception about estate planning is that it is a task meant to be tackled in life's later years. This is far from true. Estate planning should begin much earlier in life, even in your 30s. As an active and goal focused thirty-year-old, it might seem strange or morbid to plan for your demise at such an early age; however, making plans today is critical for any loved ones you leave behind.
Power Of Attorney
Get a durable power of attorney in place. Accidents are always tragic because they aren't expected. Whether it's a slip and fall or motor vehicle accident, either of these incidents can happen without warning and leave you incapacitated for a short period.
During this time, your mortgage, car loan, insurance and other obligations still need to be handled and managed. Granting someone a power of attorney allows them to step in during these moments and keep your affairs in order while you're not able to do so.
A living will is a legal document that is meant to be enacted in the event death is imminent, you are in a vegetation state or you have otherwise been severely incapacitated. These documents typically state your desires as it pertains to your medical care and treatment during this period.
For example, as part of your living will you can establish a do not or do resuscitate order in the event of cardiac arrest. This document also allows you to designate which facilities you want receive treatment or care from in the event of an illness or injury.
Last Will And Testament
Older people aren't the only ones who have assets. For someone under the age of 35, the average net worth can be as high as $33,477. For someone over the age of 35, but under 44, their net worth could be as great as $128,430. Wherever you fall in this figure range, you want to be sure your money is being dispersed as you want in the event of your departure.
Drafting a last will and testament can help you accomplish this. This document will detail exactly how you want your possessions and assets handed off. These documents can be altered as necessary through the years as your assets change.
An estate planning attorney like LeBaron & Jensen, P.C. can assist you with preparing all of these documents to ensure you and your assets are protected in any case.Share