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Three reasons to start your estate planning early

| Feb 4, 2021 | wills and trusts

If you are a young adult, you might think that you should wait until you accumulate more money or property before sitting down to compose a will. Waiting might be a mistake, however. A completed estate plan can provide your family members with crucial guidance that they may need if you should die due to an unexpected event. 

Finishing your estate plans can also give you peace of mind that your family will not have to struggle to understand your estate wishes in your absence. U.S. News and World Report explains some reasons to plan your estate as soon as you can. 

Name a guardian for your children

If you have dependent children, you need to think about who can take care of them following your death. You might have a spouse that can take full responsibility. Even so, you should consider a scenario in which you and your spouse may die at the same time, perhaps due to a car accident. Alternatively, you may be single or have divorced, so you have no spouse to step in for you. To make sure your children will have someone to care for them, you should name a person to be their guardian in your will. 

Create a living will

A sudden car accident might leave you alive but incapacitated and unable to communicate your health care wishes. To address this possibility, consider making a living will. You can use it to describe how doctors should treat you in certain situations. Also, by naming a health care proxy or a health care power of attorney, you can put somebody you trust in charge of making treatment choices for you in the event you become disabled. 

Understand your assets

Another reason people delay estate planning is because they do not think they have much to pass on to heirs. However, it might surprise you how many items you own that contain genuine value, even household possessions that seem mundane. Composing an estate plan may help you gain a better understanding of your estate. It may even inspire you to make new financial goals to grow assets like your retirement accounts so that your heirs can inherit more from you. 

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