Many people wrongly believe that estate planning is just planning for death. A well-thought-out plan can be so much more than just dictating what you want to happen after your death. It can be a valuable tool that proves useful during your life. This makes estate planning even more important for everyone of every age.
Forbes explains that a well-rounded estate plan will also make clear what should happen if you are unable to make decisions for yourself while you are still alive. Whether you suffer an illness or accident, not being able to voice your wishes can be very difficult for your family who will then have to do so for you. With an estate plan, you can make that easier on them.
You can create legal documents that allow you to say what you would like to happen with your medical care if you cannot make your wishes known. For example, you could create a Do Not Resuscitate order if you do not wish to have life saving measures taken. You might want a power of attorney to give someone else the ability to make medical decisions for you.
You have the ability to also name guardians for your minor children. If you are unable to take care of them, then the guardian could step in.
You can also create trusts that can help with paying for any care you need or your household expenses when you are unable to do it. A financial power of attorney may come in handy to allow someone else to manage your finances if you cannot.
