Estate planning isn't a protective measure reserved only for the aging or the very rich. It's a step everyone should take, and the earlier you start, the stronger the safeguards you'll have in place. In fact, true peace of mind comes only when one takes the time to give serious consideration to all of the things that could happen to disrupt one’s plans for wealth creation, management, and protection and then make provisions for how to administer your assets after death. This is one of the most prudent and important tasks an adult with loved ones and employees who rely on him or her can undertake. Who will take care of your minor children? Who will carry out your wishes? Are certain family heirloom to be destined for liquidation or for distribution to specific individuals to whom such items mean more than their mere intrinsic value? Shall a trust be created to take care of minor children who may survive, and for how long and under what conditions? What happens if the unlikely event that no one in the immediate family should survive? Below are a few reasons to begin estate planning early and the benefits each one provides.

3 Reasons to Undertake Estate Planning Early

1. Decide How Your Estate Is Distributed

If a person dies without a will or other estate planning arrangements, state intestacy laws determine how their assets and property are to be divided. Most often, this is a next-of-kin system of distribution. But is that how you would want your estate handled? By drawing up plans now, you – and the government – will determine what happens to the assets of your estate. Having this freedom is crucial, whether you're a 21-year-old just starting out, a middle-aged executive, manager, or associate of a company in your peak earning years, or someone now considering retirement. What's more: estate plans can be updated and amended as time goes on, so if you're drawing up a first-time will, you can change it as necessary, and whenever you want, in the coming years.

2. Reduce Stress on Loved Ones

Younger adults often have parents, siblings, grandparents, and extended family members still living. If you were to pass away suddenly, they would be forced to make some hard decisions. What kind of funeral service would you want? Would you prefer burial or cremation? How will you provide for those you leave behind, particularly any minor children? Where will your children live? Can provisions be made to allow your children to remain in the home and community in which they’ve grown accustomed and where their friends also live? With an estate plan, you can make your wishes known and even set aside specific funds to handle these costs. Consider sound estate planning to be one final, precious gift to your loved ones during what would undoubtedly be a difficult time for them.

3. Appoint an Attorney-in-Fact and Give Your Healthcare Proxy

These two arrangements protect you in the event you ever become too ill to make certain legal- and healthcare-related decisions. A general durable power of attorney appoints someone you trust to handle your finances on your behalf during periods of your life when you may be unable to do so on your own behalf. A durable power of attorney for healthcare is a proxy giving someone you trust the ability to determine what type of medical treatment you receive in specific situations, such as life-prolonging measures should you enter a vegetative state. A living will also be used to make provisions for your medical professionals to step in and carry out your wishes if you fear your loved ones would not be capable of bringing themselves to make end-of-life decisions of the sort you would want to make if you were able to communicate with your doctors and other caregivers. Obviously, you should discuss these matters thoroughly beforehand with the individuals you appoint. But any person who takes these steps is covering the bases wisely and is ensuring he or she will be cared for – and their wishes respected – even in the event tragedy should strike.

By drawing up estate planning documents at the earliest possible time in life, you are maintaining control over your estate and what happens to it. S. David Worhatch Attorney at Law has been serving Summit County, Ohio, for more than 35 years, and he will help you design the estate plans that best look out for your interests. He also offers representation in employment and real estate law matters, two of the most critical elements of anyone’s wealth creation, management, and protection plans. Call (330) 656-2300 or visit him online to schedule a consultation today.