Planning for the future and for the worst-case scenario is the wise thing to do. Every adult should have an estate plan that outlines your wishes in the case that something should happen to you. However, many people wonder what their estate plan should include and the reasoning for getting one while they are young. Here are some of the things you need to know about your estate plan.
1. You Need To Have Powers of Attorney
One of the most important parts of your estate plan will be appointing powers of attorney. This appoints someone to act as your voice if you are unable to do so. For example, assume that you are in a car accident and are in a coma. Who would make the medical decisions for you? Who would sign off on your medical treatment? There are so many different decisions to make; it is vital that you have someone that shares your same beliefs about artificial life and medical treatment.
In addition, you need a legal and financial power of attorney. This is the person that will be able to act in your behalf to access your accounts, pay your bills, and make legal decisions for you.
If you don't appoint someone in your estate plan, a power of attorney will be decided by a judge. They don't how you feel about medical treatment, prolonging life and so forth. Consequently, they could appoint someone who does not share your same views and will not honor your wishes.
2. Appoint A Guardian For Minor Children
If you have minor children it is vital that you have an estate plan. In your will you will state who you want to be your child's guardian if you are unable to do it. You can appoint a primary and a secondary caregiver so that if the first people you choose can't do it, then you have a back up.
The concern is that if you don't appoint someone, the state will choose where they go. To protect your children and to ensure that they get the best care possible, you need to decide the best place for them.
These are just a couple reasons to get an estate plan while you are young. By meeting with an attorney, like Acton & Snyder, LLP, early on you can avoid unforeseeable problems and can be sure that your wishes are honored and that your children are taken care of.
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