An Estate Plan Young Parents CAN Afford

Even if something happens to you, it’s still your job to provide for your children.

Obviously, you can’t be replaced–but your income can.

If you have young children, there’s a good chance you also have things like student loans, a mortgage, maybe a car payment, and even a credit card. On top of that, I know it’s hard to plan for your own demise. The good news is that about $20 per month can get a healthy 30-year-old female $500,000 in life insurance. (Men, at any age, have to pay a little more.)

Applying this life insurance to a trust you create in your will can make sure your children are taken care of,

Do I Need a Will?

You’ll think I’m crazy but you already have one. It may not be one you want. Don’t believe me? Click here to go the Michigan legislature’s website to read it. Alright, it’s not technically a “Will” but it tells you what will happen if you don’t decide for yourself—in writing.

You can probably guess the rules: it’s all in probate court, some (not a whole lot of) money and property may be set aside if you have a spouse and children (more if you have minor children), and the rest is available to creditors if you have any.