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Estate planning for the young person

| Aug 12, 2020 | Estate Planning |

Most people have certain preconceptions regarding when the major milestones in their lives will happen. They plan for when they will graduate college, begin their career and then begin their family. One of these milestones that may not be considered as much is the completion of the estate planning process. Some misconceptions made by those living in Florida are that wills and related documents are only needed by those who are older or who are wealthy.

However, creating the appropriate documents is important for younger people as well. For example, people in their 20s and 30s are often purchasing homes and starting family. By creating a will, those in this age group can help protect their family — and their own wishes — by naming someone to serve as a guardian of their minor children or indicating how their assets will be divided.

While many people associate creating the plan with assets and guardianship, documents included in an estate plan also cover health-related issues. In fact, many people create a living will which dictates the medical care — including resuscitation measures — they would like to receive in a serious medical emergency. Additionally, creating a health care proxy ensures that there is someone who can make medical decisions in the event of incapacitation.

Making decisions regarding certain financial matters is only one aspect of the estate planning process. Creating a plan for medical interventions or ensuring that there is someone who can make these decisions — is just as important when it comes to protecting family members from additional stress during an already difficult time. An attorney with experience with the process can help ensure that all necessary documents are made should the unthinkable happen.