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Two estate planning tools that millennials should consider

Younger people often think that estate planning is something they need not think about until they reach middle age at the earliest. However, life can throw curveballs that you never see coming. If you are well-prepared with an estate plan that anticipates the unexpected, you can handle these events.

While there are other valuable estate planning tools you may want to think about in time, these two are the most important for younger people like millennials to consider.

The advance health care directive

What would happen to you if you were suddenly incapacitated by an auto accident or a serious illness and were not able to make health care decisions for yourself? You do not have to worry about this if you have an advance health care directive, which includes a living will and a health care proxy.

A living will contains your instructions for physicians and other medical professionals if the accident or illness leaves you in a vegetative or terminal state. The proxy is an agent you choose to make health care decisions on your behalf. Give considerable thought to this matter and choose a relative or close friend who understands the responsibility of serving as your representative.

The durable power of attorney

A durable power of attorney allows you to appoint someone you trust to manage your financial affairs if you are not able to do so. Keep in mind that you may recover from the injuries you suffered in that auto accident and regain the ability to take care of your finances, but your appointee will have the power to act in your stead while you are incapacitated. This person can deposit checks to your account, pay your bills and your mortgage, file your tax return and deal with other financial responsibilities, based on your expressed wishes.

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