We all tend to think we do not need to plan for our death until out 50's or 60's. However, daily we see fine people in their 20's and 30's with families pass on. It is a tragedy not only emotionally but financially. Social Security benefits can help some but usually not enough.

Early in your career or marriage you should start purchasing life insurance - either guaranteed renewable term life or cash value life with guaranteed insurability, commonly called whole life.

Of course you need a Last Will and Testament and if your children are minors, a simple testamentary trust for their care and education naming a trustee.

You should take advantage of all retirement benefits offered by your employer or if self employed, set one up.

Even though it is becoming expensive, long term care insurance and disability insurance are an important weapon in your arsenal for a catastrophic life changing event.

You need to be very careful about beneficiaries on all financial assets and keep them updated. Remember, leaving funds to someone with an oral understanding of how they will spend it is not a guarantee and can result in a problem.

Also, you need to consider a guardian or custodian for your children if both you and your spouse meet a simultaneous or close in time demise.
We don’t want to sound gloomy but it is so much better to be prepared and have your loved ones provided for.