Massachusetts residents who are in their 30s might be interested to learn about some important estate planning moves that they can make now. Although most people at this age are not thinking about death, getting a basic estate plan in order early could be a smart move.
Because many people in this age group are raising children or are contemplating starting a family, one of the most important estate planning moves that can be made is to prepare a basic will. In addition to establishing how and to whom assets will be distributed, a will can be used to appoint guardians for minor children. Persons in their 30s may also want to consider a health care directive to prepare for the possibility of an unexpected illness or injury.
Should an unexpected death occur, people may also want to protect their loved ones from financial setbacks by purchasing life insurance. Although term life insurance is generally the cheapest form of life insurance, young people may prefer buying a permanent life insurance policy because they will have the ability to withdraw cash from it during their lifetime.
An estate planning attorney may be able to help younger clients to map out a basic estate plan that can be changed as needed in the future. While helping the client to write a last will and testament, the attorney may also be able to offer guidance about the need for a durable power or attorney for financial or health care purposes. These types of documents would become important in future situations when the client is unable to make important decisions after becoming incapacitated.
Source: Daily Finance, “6 Estate Planning Moves You Should Make in Your 30s“, Michele Lerner, October 10, 2014
446 Main Street, 8th Floor, Worcester, MA 01608
45 Lyman Street, Suite 15, Westborough, MA 01581
We strive to take a proactive approach in anticipating and preventing legal disputes. When possible, we resolve conflicts through strategic mediation and arbitration. Our attorneys have the experience and knowledge required to devise successful litigation strategies and imaginative, tax-effective estate plans.