High-Risk Jobs and Estate Planning

Many believe estate planning is only necessary for retirement-age individuals with significant assets. However, everyone can benefit from creating a comprehensive estate plan, especially individuals with high-risk jobs, such as roofers, heavy machine operators, and steel workers.

If you work in a high-risk job, creating an estate plan can provide a sense of relief, knowing that your loved ones will be taken care of if you face an untimely death due to a work-related accident. Attorney Christopher Heritage of Heritage Legal will work with you to create strategic estate planning documents tailored to your and your family’s needs and goals, giving you the peace of mind you deserve. 

Examples of High-Risk Occupations

Employees in high-risk occupations face unique and heightened risks of injury, illness, or even death in the workplace. Whether it's exposure to electrical currents, heavy machinery, commercial vehicles, or the potential for assault from customers or patients, the risks are significant. From working at great heights to exposure to hazardous materials, employees in these careers are at a higher risk of injury and death than others.

• Roofing and construction

• Steelworkers

• Heavy machine operators

• Roofers

• Agriculture and ranching

• Healthcare providers

Working in Healthcare Can Be a High-Risk Job

Although working in healthcare may not seem like a high-risk profession, doctors and nurses are injured by patients regularly. Healthcare workers are five times more likely to become injured in a violent incident at work than those in other professions. In 2018, healthcare workers experienced 73 percent of all non-fatal workplace violence-related incidents. Violent physical assaults from patients and families in emotional distress, staff shortages, and overcrowding are only a few of the many causes of increasing violence in the healthcare industry.

The “Fatal Four” Workplace Hazards

The Occupational Safety and Health Administration (OSHA), a Federal U.S. Department of Labor agency, has categorized the “fatal four” causes of workplace accidents. Many of these “fatal four” causes of death occur in the construction industry. Every year, nearly 6,000 workers become killed in the workplace. Of these deaths, almost 20 percent occur in the construction industry, second only to dangerous materials handling and transportation jobs. 

Working from Heights and with Electricity Can Be Hazardous 

Falls cause over 30 percent of construction deaths and can happen when workers are on roofs or scaffolding working from great heights or when workers fall into manholes. Working with electricity also increases the likelihood of a fatal accident. Workers can suffer electrocution when they are exposed to wet conditions near outlets, exposed wiring, or dangerous overheated power lines. Poorly maintained or designed cords and power tools can also injure or kill them.

Deaths Caused by Heavy Machinery 

If you use heavy machinery at work, you’re at a higher risk of being injured or killed on the job. Employees who get caught in machines or between machines, tools, or trenches can suffer fatal injuries. Even when control measures have been implemented, workers can get caught between a fixed object or equipment, trapped in a trench or wall, or become exposed to an excavation collapse. Another common cause of on-the-job deaths is being struck by a heavy object at a job site. 

Estate Planning Documents for High-Risk Occupations

For employees in high-risk careers, understanding the implications of these risks and becoming financially prepared is not just crucial, it's empowering. The first step is awareness of the need for creating an estate and asset protection plan. The next step is to discuss your estate planning goals with a skilled attorney. Most high-risk occupation estate plans are will—or trust-based. A last will and testament state how your assets should be distributed after you pass away. 

A will is a cornerstone of estate planning for high-risk occupations. It allows you to appoint a guardian you trust for your minor children, ensuring they’re cared for in the way you desire. This is especially important as you don’t want to leave such a crucial decision to a judge who may not appoint a guardian you trust. 

Creating a Trust-Based Estate Plan

For those in high-risk professions, a trust-based estate plan can provide significant benefits. It gives you more control over how your assets will be managed and eventually distributed to your beneficiaries. A trust can provide your defendants with income in a structured way, protect you against creditors, and provide you with important tax benefits. An attorney can help you identify the type of trust that may work best for your unique situation. 

Creating Advance Directives and Powers of Attorney

Appointing a healthcare proxy or agent is crucial for those in high-risk professions. If you become incapacitated due to a workplace injury, you can appoint a person you trust to make medical decisions for you. Creating an advance directive, or living will, allows you to outline your specific medical preferences if you cannot communicate. 

Outlining your wishes can help your healthcare agent feel confident about enforcing your medical decisions in life-threatening medical situations. Finally, creating a durable power of attorney allows you to appoint a person you trust to make financial decisions for you if you become incapacitated. For example, your power of attorney could pay your mortgage and other bills. 

Creating a Life-Insurance Trust

Purchasing a robust life insurance policy can help your dependents access the funds they need immediately after an untimely death. Your loved ones will need cash assets to plan your funeral and pay urgent bills in the aftermath of your death. Christopher Heritage can work with you to purchase effective life insurance and create a life insurance trust to protect the proceeds from potential creditors. 

Contact a High-Risk Estate Planning Attorney in Palm Springs