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Estate planning is for all ages

| Jul 3, 2020 | Estate Planning |

Many tasks and life events are believed to be more appropriate with those of a certain age. For example, many in Florida may be under the misconception that only older people need to go through the estate planning process. However, completing a plan meets the needs of people regardless of their ages and often requires updates throughout their life.

People as young as 18 can benefit from estate planning. For example, an advance directive can ensure that there is someone who can make medical decisions in the event the person is seriously injured or becomes otherwise incapacitated. As people continue to meet certain milestones, they often want to take measures to protect their spouses and children. Since some people opt not to marry but have committed relations with life partners, creating an appropriate estate plan can ensure that these partners are not overlooked as assets are distributed.

Creating a will and naming someone to serve as guardian of minor children can help prevent contentious legal battles, ensuring that the parents have a say in who will provide care for their children if they are unable to provide care themselves. Additionally, as people acquire assets such as retirement funds and real estate, an estate plan can ensure that their wishes are known as far as asset division. These plans still need periodic changes as the person and family members marry, divorce and have children, among other significant life changes.

The goal of many people in Florida is to protect their families. Estate planning is an important part of meeting this goal. A variety of different tools can help ease what are inherently stressful situations, such as ensuring that there is someone to make financial and medical decisions or avoiding the costly, public probate process. Often, investing in this process can help ease a time that is already difficult for family members.