People often equate estate planning with retirement, but it’s not something that should be put off until your golden years. It’s never too soon to create an estate plan that addresses the possibility of injuries, illnesses, and death. We may not like to think about these things, but planning for them in advance will give you the peace of mind of knowing your loved ones are protected.

How to Start Your Estate Planning Strategy

1. Make a Will

While you don’t necessarily have to hire an attorney to help you create a will, it can make the progress much smoother. You may need to draft additional documents to supplement your will, and working with an attorney from the start will make it easier to ensure you address all relevant issues. For example, your will is the only way you have to choose a guardian for your children, so you’ll want to make sure you address this thoroughly.

2. Consider a Living Trust

Also known as a revocable trust, a living trust is a document that allows you to transfer property to your beneficiaries. People often use living trusts to supplement their wills because, unlike a will, a trust won’t go through the probate process. This ensures your loved ones will receive the assets you designate for them without having to endure the probate process.

3. Create a Medical Power of Attorney 

This can also be referred to as a healthcare directive, because it directs someone to make healthcare decisions for you. An injury or illness can leave you unconscious or mentally unfit to make decisions on your behalf. If you don’t choose someone you trust via a medical power of attorney, the court may appoint someone to act for you, and that may not be someone you would trust to hold that power.

4. Appoint Financial Powers of Attorney

A financial power of attorney works in much the same way that a medical power of attorney does, except that this individual is solely responsible for your finances. Depending on your situation, you may want to appoint two or more powers of attorney. For instance, you may appoint your spouse to be responsible for your personal finances. This would include paying bills, collecting income, and overseeing retirement investments. However, if you own a business, you may want to appoint a partner or manager to oversee your business. Your estate planning attorney can help you divide up these responsibilities among those you trust.

Your estate planning attorney can help you make the decisions that will ensure that your loved ones will be cared for regardless of what the future holds. From dealing with your medical care to ensuring your loved ones receive the assets you designate for them, Ferraro Kruk & Ferraro LLP can help you create a comprehensive estate plan. To learn more about the legal services they offer, visit their website. To set up an appointment for an initial consultation, call (814) 268-2202.