Many young people focus on building their families and achieving their career aspirations. Although it may not seem like an immediate concern, estate planning in your early working years will position yourself to be prepared for possible challenges in life. Here’s why you should take advantage of the opportunities available to you now.

3 Reasons for Early Estate Planning

1. Give Authority

Once you turn 18, your parents no longer have the authority to make legal and medical decisions for you. Creating the necessary legal documents, like a power of attorney, health care proxy, and advance directive, will ensure you’re looked out for if you can’t vocalize what you want. These legal documents let you designate trustworthy people to make decisions and act on your behalf in personal, business, and health matters if you become unable to do so.

2. Plan for the Future

If you’re organized and like to plan to be prepared, it’s wise to get ample life, health, and disability insurance coverage. This is because more than one out of four 20-year-olds become disabled before they’re old enough to retire. If you add these essential insurance policies, you’ll need to decide what will happen with the money in the event of an unlikely accident. Estate planning early gives you the peace of mind that the insurance money will be given to the person of your choosing.

3. Designate Beneficiaries & Guardians

Writing a will gives you the opportunity to distribute your property to whomever you choose. If you’re a single parent, creating a will is the only way to designate a guardian for your minor children. Forming trusts allow you to name your kids as beneficiaries and provide assets for their care. Your estate planning attorney can help you name them as beneficiaries for all your assets, including stocks, 401(k) plans, and IRAs, as well as due on death clauses for bank accounts, insurance policies, and vehicle titles.

If you want to start estate planning now, contact Larry J. Keller Attorney at Law in Waterloo, IL. Attorney Keller has over 30 years of experience, as well as the insight needed to provide sound legal counsel for your unique life plan. Get more information about his services online, or call (618) 939-8999 to schedule a consultation.