6 Reasons Young People Should Have a Florida Estate Plan
For many years, there has been a misconception that estate planning is something you do when you are older or when you have amassed a number of assets. This actually couldn’t be further from the truth. The younger you start your estate plan the better. If you have questions about developing an estate plan, you should speak with a skilled West Palm Beach estate planning attorney. Here’s a look at 6 reasons you should start your estate planning as early as possible.
You Have Minor Children
Have you thought about who will raise your young children should you be involved in an accident and die? Without a plan in place, the decision will be left to the courts. With an estate plan, you can nominate the person of your choice to be a guardian to your minor children.
You Are Joining the Military
If you are turning 18 and are planning on entering the military, you should have your affairs in order even though you may not own any assets per se. It’s more about having important documents in place like a health care directive and a power of attorney.
You Have a Pet
Do you have a family pet? It’s not uncommon for people to name their pet in their will. Since the law treats pets as property, you should have a provision for your furry family member spelled out in your will in the unfortunate event something happens to you.
Giving Personal Possessions to Family and Friends
In your 20s, you may not own a significant number of assets yet, but you might have a lot of important personal property items. If you want to give people clothes, money, or other possessions, you need to have that spelled out in your will, otherwise your possessions will be distributed according to Florida’s intestate laws.
You Got Your Dream Job
You finally have more than a job, you have a career. With that typically comes a host of benefits, including a retirement plan. You need to have beneficiaries listed for your 401(k) or pension. Does your company offer life insurance as well? You will need to name a beneficiary here too. Be cautious about naming a girlfriend or boyfriend as your beneficiary, as relationships can end without much notice. Remember to always update your beneficiaries if you have important life changes.
You Have Social Media Accounts
It’s rare to find someone who doesn’t have social media accounts these days. And, for some, their social media accounts are related to their jobs. Even if your social media account isn’t business related, you may have important photos and documents stored on there. What do you want your family to do with them in the event you pass away?
Contact a Florida Estate Planning Attorney Today
If you have questions on how to start an estate plan, you should speak with a knowledgeable Florida estate planning and probate attorney. Don’t attempt to do this on your own or follow an online template, as everyone’s situation is different. Contact the Law Offices of Larry E. Bray, P.A. today to schedule an initial consultation.