Most people know that having an estate plan is important. However, many people choose to wait until they are in their later years, even nearing retirement before they start putting together a plan. This could be very dangerous if something were to happen to you and could leave your family in a terrible position. This is why it is so important that you choose to get your estate plan done early in life. Here are some things that you need to know about getting an estate plan early.

1. An Estate Plan Will Protect Your Minor Children

If you have minor children in your home, you must have an estate plan. If something were to happen to you, your estate plan would name a guardian over them. This should be someone who you have thoughtfully chosen and asked to keep your children. If you don't have someone named in your plan then the state will choose a guardian for them. A judge doesn't know your family's specific dynamics, unique personalities or the needs of your children. They may choose to place them with someone that is not a good fit. You can avoid all of this by ensuring there is a good guardian named for your children in your will.

2. Your Estate Plan Will Ensure Your Wishes Are Honored Through Powers of Attorney

Another important part of the estate plan is to name powers of attorney. This means that you will name someone to make all of the medical, legal, and financial decisions for you if you are unable to. For example, assume that you were in some sort of accident that left you unable to communicate and incapacitated. Who would sign off on medical consent? Who would make legal and financial decisions about your children, your family and your property? By naming a medical, legal and financial power of attorney (they do not have to be the same person, they can be 3 different individuals) you ensure that your wishes are honored.

You should choose someone to be your power of attorney who shares your same views about health care, sustain artificial life, has your best interest in mind with your property and finances, and so forth. Once again, if you don't name someone to do this, the state will appoint someone. This is not a decision that should be left up to the state.

Since accidents and tragedies can happen at any stage in life, you should have an estate plan when you are young to protect your family and yourself. Visit an estate planning attorney like Acton & Snyder, LLP today.