Do I need a will, trust or something?

[Leo]

• I'm 25.
• Married.
• My Income (90k+), Wife (30k)
• No kids, but maybe in 4-5 years.
• No house, but maybe in 4-5 years.
• No life insurance.
• Assets maybe close to 40k (including 15k paid off car).

Should I create a will or trust or "something now" or wait until we have a baby and house?

[autoxer]

A will can be created to provide direction on how to distribute your assets after your death. A trust can be created to hold and protect certain assets, so they are handled exactly how you want them to be handled.

Without a lot of assets, I don't think you need any of that right now, but you may want to consider getting life insurance if your wife is dependent upon your income, so you can protect her in the case of your untimely departure.

[ua_guy]

What autoxer said.

You should also discuss and maybe formalize what you and your wife want to happen in terms of medical decisions and end of life plans, should one of you have to make decisions for the other.

If you think there might be a conflict with the other's family, you should document each other's wishes in a document called a Living Will or Advance Medical Directive.

I'm not affiliated with the website link below but it's been a GREAT resource. Take some time and read through it, understand what you might face if one of you passes unexpectedly.

http://getyour****together.org/

replace the **** with the naughty s- word for poo. This website censors naught words so the URL will appear broken if you just click on it.

[snafu]

In your shoes I'd buy dirt cheap term life insurance, write a medical directive [available online] and have it notarized. Review auto and rental insurance to see differential with a higher deductible and if you can get a better rate using the same carrier/agent