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The Importance of Estate Planning

Right to Property conceptThe term estate planning may be a foreign term for thousands of people, especially those who are in their twenties and thirties. Many people believe that only elderly people should make plans for their estates, but this is not entirely true. Although elderly people should also have a plan for their estate upon their passing, some people pass before they reach the age associated with “elderly people.” Unfortunately, the time of a person’s passing cannot be determined, therefore when there is a spare moment to plan, planning out what will happen to your estate is very important for all age groups.

Things to Include in Your Estate Plan

There are thousands of things that could possibly happen to you and in those each incident should be described in depth as to who you wish to make your decisions for you if you are ever unable in that circumstance. Here are a few examples:

Car Accident: If you were previously in a car accident that left you unable to speak, wouldn’t you want someone there who could help relate your concerns and decisions to the medical professionals handling your case? This person would have power of attorney over this circumstance.

Vegetative State: Unfortunately, some people slip into a coma or live the tragedy of being in a vegetative state with no activeness in the brain, even though it is still operating in an effort to keep the person alive. When this state occurs, over years and years, it may be difficult to make the decision to remove life support. However, with a power of attorney and the direction to do so in a plan created by the person in the vegetative state prior to it will help communicate their wants and make them reality.

Physical Impairment: Although some people are born with impairments, others may gain them over time throughout their life from certain traumatic events. In the occurrence that they had created an estate plan and gave power of attorney to a trusted friend or family member, when this impairment takes their ability to make sound decisions this person can step in and help to have their wants and needs heard.

There are several other conditions that could cause you to need a power of attorney and an estate plan. Even though you may be in your early twenties, late thirties, or in high school, considering the benefits of the “what-if” and don’t take the chance of leaving your family confused and facing the decisions you should be responsible for. Estate planning can be assisted by the help of an attorney and if you have issues with designing your own plan contact a professional for help.