Three by 33 – Part I

When I was in junior high, my brilliant social studies teacher channeled Vice President Spiro T. Agnew and nicknamed me, a “nattering nabob of negativism.” I was not a nabob, but I was the kid who constantly asked a series of questions starting with “What would happen if __________?” [You can fill in the blank with whatever could’ve gone wrong.] I still ask those questions. The difference between myself then and myself now is that I can plan how to best handle those negative possibilities, should they occur.

I know I am a small minority among my Millenial peers when it comes to taking risks. I don’t do anything that anyone would consider adventurous or dangerous, except perhaps for driving a car. It is now fall in Seattle, where the roads are often wet and slippery.

What would happen if I get into a major car accident during a rainy drive? If I end up staying in the hospital for a long time, who would pay my mortgage and my car payments so I don’t have a financial mess to deal with when I get better?

What if I don’t get better? What if I fell into in a coma? Would my family fight over what to do with me like the family of Terri Schiavo? Would what they decide to do with me be in line with my wishes?

What would happen when I die? Who would serve as a guardian for my kids or my pets?

If you’ve been care-free and haven’t thought about these things, you have been blessedly ignorant. [I’m sorry to wake you up from your blissful slumber.] But if, like me, you’ve thought about these questions and haven’t done anything about it, it’s time to start. Ideally, before 33, you should have an estate plan.

Why 33? According to Zillow, the average age of first-time home buyers is 33.  Additionally, according to the Centers for Disease and Control and Prevention (CDC), most of us have become parents by then. So if you have a house to take care of and honeys to care for, hop on it! In my next blog post, I will discuss the three most essential estate planning documents that you need.

Photo credit: Nan Palmero on Flickr