One of life’s most important tasks seems to get put on the back burner, sometimes until it’s too late. However, estate planning isn’t something that should be overlooked, especially if you have children. Whether you’re worried about what will happen to your children once you die or are worried about what will happen to you, estate planning is very important for young adults. Here are just five reasons for estate planning early in life.

Assets

If you were to die today, where would your assets go? If you don’t have your estate planned out, they could go to anyone. You need to start estate planning early so there’s no question about what will happen with your assets. This will give you a chance to detail what should be done with your retirement funds, home, and other valuable property. For example, you might outline how the profit from the sale of your stocks will be used to raise your children.

Children

Children are one of the number one reasons for estate planning for young adults. With estate planning, you can detail who you want to take care of your children, what your children should receive, how your children should be cared for, and even who should control your assets until your children come of age. You can even detail how your pets should be taken care of.

Health Care Wishes

Estate planning also gives you the chance to detail what you want done with your remains. If you have specific wants, you need to outline them. For example, if you want your body donated to science, put that into the details.

Affordability

Many people put off estate planning in the past because it was too expensive. Thanks to a number of legal websites, you can now complete this important task at an affordable price. This means you don’t have the excuse to put it off any longer.

The Unexpected

Last, but not least, while we may think we’re invincible, we’re not. It doesn’t matter if you’re the safest driver on the road or you’re careful to avoid dangerous situations. There will always be drunk drivers and some of us will be in the wrong place at the wrong time. Don’t leave this world without making sure your assets and children are taken care of with estate planning.

Estate planning isn’t something to put off because once you’re gone it’s too late. You need to take the time to take care of this important task for the sake of your children.

About the Author: Deborah Grames is a finance specialist who enjoys researching estate planning and investments. She’s currently reading about the Porter Stansberry scam and other investment issues and one day hopes to go back to school to learn about investment strategies.

As a woman in her 40s, Isabelle didn’t plan on having heart surgery. Although she was overweight with high cholesterol and high blood pressure, she simply wasn’t paying attention to her health. Isabelle also wasn’t thinking of how her family would be affected if something happened to her—including her father with dementia, for whom she provides primary care.

This is a mistake that all too many younger generations make on the road to retirement. It takes a major event such as heart surgery to get them to start thinking about how they want their affairs managed if they are unable to manage them on their own.

Better late than never. Faced with the possibility of death in her 40s, Isabelle has taken it upon herself to get her retirement and estate planning in order by creating documentation spelling out her wishes for her assets, her medical care and other matters.

Ready to get your affairs in order, too? Here are five key questions that will help with your retirement and estate planning:

1. How often should I review my estate planning documents?
You should review these documents if any key life events come your way. A change in marital or financial status, the birth or death of a beneficiary, a move to a new location, and the purchase or sale of a business are all reasons to review your estate planning documents with a trusted attorney.

2. Do I need long-term care insurance?
Because most healthcare plans do not include long-term care insurance, you’ll want to consider getting a policy. If a major accident or illness comes your way, you could suffer serious financial setbacks without this insurance. You or your family also will be forced into deciding on care arrangements at a time when you might not be of sound mind and body. By setting up long-term care insurance in advance of your retirement, you can ensure that your long-term care arrangements are put in place the way you want them.

3. Do I need a power of attorney (POA)?
A financial and medical POA will give your family the ability to handle your financial and health care matters if you become ill. That includes paying bills, making bank deposits and managing financial paperwork. Without a POA, your family members would have to get guardianship from a judge, who would appoint someone to handle your affairs. Whom would you rather have in charge of your finances: a family member or a total stranger?

4. What about a living will?
A living will, aka an advance medical directive, is a statement of your wishes for life-sustaining medical intervention. This documentation is key in the event you become terminally ill and unable to communicate. It will spell out whether you desire life support, resuscitation and organ donation. You should have a living will in place regardless of your net worth. It will ensure that your wishes are upheld by your family members upon your death.

5. Should I establish a trust?
Trusts are good for anyone with a net worth of more than $100,000. If you maintain any assets, such as from business and real estate, then a trust will help your family to avoid probate. As with a power of attorney, if no will or trust is in place when you die, then the court will appoint a guardian. Again, do you want a stranger managing your affairs?

Your Future Is in Your Hands

Take control of how your health and assets will be handled while you are capable of making wise decisions. Your family will appreciate it if you take the time to think through your affairs prior to your retirement years. Check with financial and retirement planners as you map out the details of your medical and estate wishes. Taking care of your retirement and estate planning now will make life easier for you and your family later in life.

About the Author:  Felicia Gopaul creates compelling articles to help her readers in planning for retirement, saving for college and addressing other key money matters. As founder and chief content creator for College Funding Resource, she offers insightful tips and advice that make complex financial issues easy to understand. When she’s not writing about retirement and estate planning, Felicia loves hunting for travel bargains online and vacationing with her husband and children.