You're young, so the idea of planning for your death might seem far off in the distance. Despite that, there is no way to know how long you'll live, and you may have people and assets you want to protect in the case of serious injury or death.
Even if you're young, one of the best things you can do is start to plan your estate. Your estate plan protects you at times when you're at your most vulnerable. It also protects your children and restricts access to your assets.
As you plan your estate, there are some tips to keep in mind. Here are three to remember.
1. You need to plan for guardianship
If you are single or married with children, it's important to designate a guardian for your kids. In the event that you're unable to care for them due to injury or pass away, the court will immediately know who to assign guardianship duties to.
2. Get a medical power of attorney
Your medical power of attorney is there to make medical decisions for you when you cannot. Doctors don't want to make decisions that you don't agree with. Make sure you appoint someone you trust to make decisions in your best interests.
3. Create a living will
Along those same lines, you need to create a living will, also known as an advance directive. This advance directive guides the person making medical decisions for you, so they know what you'd want in life-threatening situations.
These are three tips to consider when you're young and starting an estate plan. Remember, starting young can help you guarantee your protection.