The Top 3 Most Helpful Tips for Life After 30
Posted on: April 13, 2017
A Lesson, From Prince to You
There’s nothing quite like a milestone birthday. While your 20s are a defining decade of your life, filled with making life plans like finishing college and finding a career, your 30s are an opportunity to set philanthropic goals. Create a plan that protects the important people and causes in your life, such as The Peninsula Metropolitan YMCA, as you start planning for the future.
Three tips to take on this year:
Tip 1: Create a will. If you haven’t created a will, the time to do so is now. If there’s one thing to learn from Prince’s death, it’s that everyone should have a will, and it’s never too early to make one. In the absence of a will, it’s up to the Minnesota probate court to decide what happens to Prince’s estate, which could take years and likely won’t take into consideration the things that mattered most to him.
A will lets you control your legacy and how your assets will be distributed after your lifetime, including any charitable gifts you wish to make to The Peninsula Metropolitan YMCA.
If you have already created a will, this is a good time to review it to make sure it still meets your needs. If you’ve experienced any of the following events, you might need to update your will:
- A new marriage or divorce, including your own or your children’s
- The birth of a child
- The death of a family member
- A move to another state
- A new or growing relationship with a charitable cause
Tip 2: Define roles for your loved ones. Part of creating your will is naming a guardian for any minor children in your care, as well as your executor, who oversees how your assets are distributed after your lifetime. Talk with the people you would like to assume these important roles to make sure they are willing to accept the responsibilities.
Your executor holds an important job, and if you don’t have a relative or close friend you trust to handle the duties, you can name a bank or trust company as your executor for a fee. Many banks have experience administering estates, a common practice for larger estates.
Tip 3: Organize your paperwork. Once you have created and/or updated the various documents detailed above, don’t put them in a box under your bed. Store them in a secure place in your home, such as a fire- and waterproof safe. Give a copy of your will to your executor, and make sure the people you’ve appointed as your powers of attorney for health care and financial matters have original copies of those documents.
Consider opening a safe-deposit box to store other items that would cause panic if lost, such as:
- Insurance policies
- Birth, marriage and death certificates
- Adoption papers and divorce decrees
- Deeds, titles, mortgage papers and lease contracts
- Military records and citizenship papers
- Stock and bond certificates
Whatever you do, do not keep the original copy of your will or trust, power of attorney documents or medical care directives in your safe-deposit box.
Plan for the Future Today
Make sure you’re on the right path to creating a secure plan that protects your family’s future with our FREE Personal Estate Planning Kit. Download your kit today or contact Danny Carroll at email@example.com or 757.223.7925 ext 203 to learn more.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.