An estate plan is something you can create to provide details about what your family should do if you become incapacitated and when you die. Creating an estate plan is essential, and you should begin your planning while you are young. You can always modify the plans as you age, and you should, as things in your life change. Here are four key issues to address as you begin creating your estate plan.

Your Will and Wishes After Death

A will is the most popular type of estate-planning document, and you should have one no matter how old you are. A will provides a way for you to state your wishes with a lot of different categories. For one, you can outline what your desires are after you die. What type of funeral would you like? Do you prefer cremation over burial? Is there a foundation you would like highlighted at your funeral? You should consider all these questions as you create a will, and you should include your wishes on this document.

Your will also contains other critical desires you have, such as your beneficiaries. Your will is an instrument that allows you to designate where your assets go after you die. You should be as specific as possible when writing your will to make it easier for your family to settle the matters.

Plans for Your Minor Children

If you have children that are under the age of 18, you should create plans for them, too. The plans you create for them primarily involve naming a person who will care for them if you die. If you don't have a plan for this, the court will decide where to send your children, and the court may choose a person that you would not want to care for them.

You may also want to provide a financial plan for your kids if you pass away suddenly and cannot care for them. Purchasing life insurance is an option for this, and this is an excellent solution. With a life insurance policy, you can provide your children with financial resources when they reach a specific age. You can also designate some of the money to pay for their upbringing and care.

Your Desires If You Become Incapacitated

As you create your estate plan, you should consider what your wishes are if you become incapacitated. What would you want if you were in a car accident and end up on life support? Who would you want to manage your finances and medical decisions if you were unable to do so? These are essential parts of an estate plan that you should think about and consider.

Protection for Your Assets and Family

Finally, you should talk to an estate planning lawyer about the protection of your assets. You can set up a trust, for example, to protect your assets. A trust allows you to place assets into it, as it is an entity. When you pass away, anything in the trust can go directly to your beneficiaries without getting approved through the court. A trust provides a way to reduce taxes on your estate, and it also provides the easiest way to transfer your assets to the people you love. There are different types of trusts to choose from, and you can ask your lawyer to explain them. You can also ask your lawyer for advice about your specific situation.

Your estate plan will be unique for your life and situation. If you do not have a plan yet, you should create one, and you can do so by contacting an estates and trusts attorney.