People in high-risk jobs face more danger than the average person every day. For one, work accidents and hazardous work environments can leave you with a disability or a serious illness. In worst cases, people in dangerous jobs face untimely deaths, which can leave their families in financial hardship.
If you work in an inherently dangerous industry, estate planning is a crucial process that you should not ignore until you are older. It is not just for elderly or wealthy individuals—it is a way for you to secure your family’s future in case something happens.
That said, below are some of the most important estate planning tools you should consider:
A last will and testament
This legal document specifies how you want to distribute your assets after you die. It allows you to name an executor who will manage your estate and, if necessary, assign a guardian for minor children.
If you have a high-risk job, it’s crucial to have an up-to-date will to make sure you provide for your loved ones even after you are gone.
A living trust
A living trust transfers ownership of your assets to a trust, which a trustee will then manage. Unlike a will, a living trust helps avoid probate, meaning it can help save time and money.
Having a trust lets you distribute your assets according to your wishes. For example, you can establish a term that your minor child will only receive your assets once they turn 18.
A durable power of attorney
A durable power attorney lets you appoint someone to manage your financial affairs if you become incapacitated. This is particularly important for those in high-risk jobs, as it makes sure that someone can pay bills, manage investments and handle other financial matters if you’re unable to do so.
Advanced medical directives
Advanced medical directives allow you to dictate your wishes for healthcare decisions, especially end-of-life care. There are two common types:
- Living will: A living will specifies your instructions or wishes for future medical treatments if you become unable to make healthcare decisions.
- Healthcare power of attorney: You designate someone (a healthcare proxy or agent) to make healthcare decisions on your behalf if you are unable to communicate your wishes due to an illness or injury.
Dangerous jobs can introduce more uncertainties in your future, which is why it is advisable to plan your estate as early as possible. Consider working with an attorney who can help you understand the process and create the necessary documents.