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30-somethings should get on board with estate planning

Estate planning attorneys often urge their 30-something clients to commit to at least the basics of a viable estate plan.

Especially for those with young children, it's urgent to make sure that if disaster strikes the primary wage-earner, the family is still protected. Below are the necessary documents every young professional needs to get drafted.

-- Living will. What treatment and resuscitative efforts do you want rendered to you in the event of an incapacitating illness or other event?

-- Health care proxy. The person whom your designate will be responsible for making your medical decisions when disease or injury render you unable to make them yourself. Discussing your wishes ahead of time with your designee is wise to make sure that he or she is clear on your intentions.

-- Will. Those without a valid will in place have no say in the disposition of their assets or even the guardianship of their children. Take the time and foresight to plan for these situations.-- Durable power of attorney. Identifying who will be responsible for making your financial decisions when you no longer can ensures that the person you trust will be at the helm, managing your assets and making sure that your bills get paid.

-- Life insurance. Every spouse should purchase at least a term life insurance policy to avoid encumbering your surviving husband or wife with your debts.

-- Retirement fund. In the peak of your earning years it can be easy to push thoughts of retirement to the back of your mind. But your 30s is the right decade to start building up your portfolio. Take advantage of employee stock options, 401(k) contributions from employers and profit-sharing opportunities. Keep your beneficiaries updated on all of your pension plans.

If it all seems a bit overwhelming, that's okay. Make an appointment with an estate planning attorney to address each need and get your financial ducks in line in 2017.

Source: AOL, "6 Estate Planning Moves You Should Make in Your 30s," Michele Lerner, accessed Feb. 03, 2017

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