I’m only 30, and still too young for a will

No one wants to think about what will happen if you were gone, especially when you are in your 30s. However being prepared is absolutely critical at this stage in your life.

It is likely that being in the decade of your 30s that you are in the stage of your life where you are settling into your profession, have your dream car, maybe you have already bought your first home, or an investment property. It is around this time that many people are starting to settle down with their life-partner, maybe even looking to start a family.

It is because of these new responsibilities that you, and your partner, should be thinking about setting up an estate plan. An estate plan will mean that the ones you love are cared for, and your preferences are considered, if the worst should happen.

It’s easy to say, “I must get to that some day” – well, if you are in your 30s, today should be the day.

Or maybe you are a step ahead, and already have an estate plan that you prepared in your 20’s, if so, well done. However there is a good chance if you do, like most of us, you haven’t checked it since it was first written. Entering your 30s where your assets and responsibilities are changing is the perfect trigger to review your estate plan.

When we think estate planning, most people think of a will however this is just one part of an estate plan. There are many other considerations, such as; an enduring power of attorney, healthcare directive, trusts, and letters of intent.

So what should you include in your Estate Plan?

Deciding what is best for you, and your partner and family should involve discussion with your loved ones, as well as professional advice and guidance. However at the end of the day, this is your estate plan.

These simplified explanations below provide a glimpse into some options for your estate plan.

A Will is a legal document that outlines your wishes regarding distribution of your assets, and care of your child/ren after your death. It also names the executor of the will. That is the person/s or organisation responsible for administering your will.

A Healthcare Directive specifies what actions should be taken regarding your health if you are no longer able to make these decisions.

A Power of Attorney is the name you provide for the person/people who can make decisions on your behalf, both from a financial and a health perspective.

Trusts are a type of business structure that holds income and/or property for the benefit of others, your beneficiaries. There are a number of considerations when setting up a trust that will need to be made in order to understand what type of trust is best for you.

A Letter of Intent is a letter to love ones or your executor that outlines your last wishes and personal messages. It may detail ‘special’ items, such as jewellery, paintings or mementos that you want to give to specific individuals within or outside the family. Or explain reasons behind why you have made specific decisions in matters related to your estate.

It is also important to involve your life partner in discussions around your shared assets, your current and/or future children, and what is best for them if one, or both of you, were not around.

So I’m interested but where do I begin?

There are a number of considerations with setting up an Estate Plan that is right for your stage in life now, and can grow with you which is where Lambert Group Future Planning comes in.

We know how 30+ adults think, and what’s important to them. We won’t suggest including components of an estate plan that are not relevant but rather assist you to understand the important triggers that may occur in your life, and help build on your estate plan over time.

So stop thinking ‘one day’ and think ‘today’.  Start with a chat with your life partner and then give a member of the Lambert team a call….today.