It can be hard to talk about estate planning. Not everyone is comfortable with discussing what will happen to their assets and property when they die. Those who have thought about estate planning may have talked themselves out of contacting Florida-based estate planning and administration attorneys because they did not think that they needed comprehensive estate plans. The problem is that almost any adult can benefit from creating an estate plan.
Estate plans can be diverse to meet the needs of the individuals who prepare them. That means anyone, of any age, can benefit from creating their own unique plan. This post discussed how estate planning can look for individuals of different ages, but not part of this post should be read as specific legal guidance.
Estate planning for young adults
Young adults may not have, or may not believe they have, sufficient assets to warrant estate plans. If they are unmarried and do not have kids, they may not worry about what will happen to their loved ones when they die. However, many young people have some assets that they may want control over in the even that they pass away. Vehicle ownership, bank and savings’ accounts, and other assets may be spoken for in wills and other testamentary documents executed by young adults.
Estate planning for parents
Once a person has kids or gets married and starts a family, their perspective on the future may change. They may worry about who will care for their kids if they and their co-parent die. They may want to ensure that their family is financially secure if they are not there to support them. Estate planning can help parents plan for these possibilities with different estate planning tools.
Estate planning for retirement and beyond
It is not until a person has worked for a lifetime and amassed wealth that they may think they need an estate plan. However, early estate planning can help older individuals and retirees protect their assets and plan for sharing their wealth with those they love. A comprehensive estate plan can help a person keep their estate out of probate and avoid the costs of taxation that can reduce some high value estates.
Estate planning is for everyone. There is no wrong age to start the process. A dedicated estate planning and administration law attorney can help interested readers get started.