Due to their personal circumstances, some people don't believe estate planning can be useful to them. Younger adults may believe it's something for senior citizens. Individuals with few assets may think estate planning is only for the wealthy. However, the reality is every adult needs an estate plan.
It's a common misconception that estate planning only involves how to distribute property to your heirs. Here are two other ways estate planning may be of benefit to you.
You Can Make Arrangements for Your Future Healthcare
Unfortunately, a person of any age can become incapacitated due to severe injury or illness, leaving the individual unable to make medical decisions. Certain estate planning documents allow you to be prepared in the event of incapacity.
For example, you can use a durable power of attorney for health to name someone as your agent to make healthcare decisions on your behalf. Creating a durable power of attorney for health can prevent your loved one from having to go through the complex process of being appointed as your conservator.
A different document, called a living will, gives you the opportunity to provide guidance to your loved ones and medical professionals. Your living will expresses your wishes related to medical decisions.
You Can Make Provisions for Your Minor Children
A will isn't just for stating who should receive your assets. You can also use the document to name a guardian for a minor child. You may find it difficult to imagine the possibility you and the child's other parent not being around to raise your little one.
However, if the court must appoint a guardian for your child (or children), a will makes your wishes known to the court. Otherwise, the court may select someone without knowing who you wanted to handle this critical duty.
Our attorneys have decades of experience helping individuals create the estate planning documents they need to plan for the future. Contact us to schedule a free consultation.