Florida Estate Planning for Millennials and Young Adults
Some Millennials and young adults do not make estate planning a priority because they mistakenly believe that you must be wealthy or old – or both – to even think about developing a strategy. Results of a survey conducted by Caring.com, an online resource for information about issues facing aging adults, prove this point. When asked the number one reason they did not have a will or living trust, 42 percent of 18-34 year old respondents stated that they did not have sufficient assets to justify taking action. In other words, unlike older age groups that admit to putting things off, younger generations are not simply procrastinating with their estate plans.
The truth is that everyone needs an estate plan, even the younger set that will establish themselves in careers, buy homes, and accumulate wealth in their own right over the coming years. A Pasco County, FL estate planning attorney can explain the specific benefits for your situation, but an overview may also be helpful.
Reasons People of All Ages Need an Estate Plan: Aside from any specific reasons that apply to your unique situation, there are multiple benefits of any estate plan no matter what your age.
Plan for Incapacity: Some estate planning documents become effective during your lifetime, enabling you to appoint someone to act on your behalf with respect to health and financial issues if you become incapacitated.
Distribute Assets Upon Death: You may not own much when young, but that does not mean you should not take control over how your assets are distributed upon death. If you do not have a plan in place, the laws of Florida take precedence over your wishes.
Avoid Posting Surety Bond: If you do not have a will, a Florida probate court may force your personal representative to purchase a surety bond as an insurance policy on his or her conduct.
Four Components of a Basic Estate Plan: Now that you know the reasons to consider making an estate plan, you should discuss the following documents with an attorney.
- Designation of Health Care Surrogate: If you are unable to make health care decisions and approve certain types of medical treatment, you can appoint someone as your agent to act on your behalf.
- Living Will: With this document, you inform your loved ones about end-of-life care and what types of life-sustaining treatment you do or do not want.
- Durable Power of Attorney: Through this document, you can appoint an agent to handle your finances and assets if you become incapacitated.
- Will: By creating a will, you can appoint someone as your executor, designate beneficiaries to receive your assets, and name a guardian for minor children.
A Florida Estate Planning Lawyer Can Advise You
Once you realize that the benefits of estate planning extent beyond age and net worth, you will probably want to get started right away on a strategy. To learn how our Dade City estate planning attorneys at The Law Office of Laurie R. Chane can guide you through the process, please call our office at 352-567-0055 or visit us online to set up a consultation.