It’s not easy for millennials and other young professionals in Florida to understand the value of estate planning. For one, they may under the impression that they don’t have enough money (or assets) to create a plan. Also, they may feel as if they need to wait till they are older or more established in their careers. While these are valid reasons, estate planning is more than just creating a will. In fact, there are a number of important steps young people can take to prepare for their future.
For those who are not married, but are in committed relationships, having a power of attorney is a good start. This allows for the appointment of a trusted person to make decisions on your behalf in the event you are incapacitated. It can encompass financial and real estate transactions, as well as personal decisions (i.e. who can drive your car).
If the notion of creating a will gives you hives, just think about creating a basic list of instructions for how your possessions will be passed on. It could even be as simple as directing your girlfriend (or boyfriend) to move your property to your parents’ home.
For those who have children, naming a guardian is an important step to ensure that someone will be available to care for them if something happens to you. Indeed, choosing one person may be difficult, so don’t be afraid to name more than one person to be a caretaker (such as grandparents). Think of the old adage “it takes a village to raise a child.”
If you have further questions about basic estate planning in Florida, an experienced attorney can help.
Source: LifeHeathPro.com, Estate planning for young families, November 29, 2012