3 Ways To Start Estate Planning At A Young Age

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Estate planning might seem like something you do later in life, but there are actually many benefits to beginning the process at a younger age. Accidents can happen at any age, so don't assume that it is something you should leave for retirement or if you get seriously ill. Here are some things you can do now to start preparing your estate.

Choose Your Power of Attorney

The first thing you should do when you are planning you estate at a young age is to choose a power of attorney. This is something that is important to do at any age. Your power of attorney is someone who is able to make medical decisions for you if you are no longer able to do it yourself. For example, if you get into a vehicle accident and are in a coma, you need the power of attorney to make decisions while you are unconscious. This person is often a spouse, though you can choose anyone you know and trust. Not only can they make medical decisions, but financial decisions as well.

Have a Simple Will Written Up

Speak to an attorney about getting a simple will written. The will doesn't have to be complicated or go into great detail, but it should include the basic information your family will need if something that happens to you. If you have children, mention who you would like to be the guardian for them if something happens to you and your spouse. Also name an alternative person just in case the first person chooses not to care for them or is unable to. The will should also include details about who will get your property and assets after you pass. Even at a young age, you likely have money in the bank, small investments and might own property as well. These are things that should go in the will.

Write a Living Will

A living will is a legal document that gives instructions on what you would like to happen if you can no longer make medical decisions for yourself. It often includes a medical directive that lets others know if you want extreme measures to be taken or not. If you have a living will that states you don't want any extraordinary measures, there is nothing that can be done. The hospital must abide by this document and not try to save you if the situation warrants it.

12 August 2015