For many people in Florida, estate planning may seem like an unnecessary bother. This is reflected in some troubling statistics; over 50 percent of all adult Americans and 78 percent of millennials do not have key documents in place, including a will. At the same time, many people think of wills and trusts as the sort of documents that are only necessary for people older and wealthier than themselves. They may not see any immediate benefit for these documents until the point they marry or have children.
However, there can be important reasons to consider key estate planning documents for younger adults, including those without significant assets. Health care advance directives or living wills can be important at any stage of life. This kind of document states a person’s expectations and desires for the type of treatment and lifesaving measures they will receive in case they are severely incapacitated in an emergency. Many people have strong opinions about these matters, and this kind of estate document is a legal record of the creator’s decisions. In addition, people can name a health care proxy to make decisions about medical treatment.
Even a basic will can be important for people at all income levels. It’s not uncommon to have complicated relationships with relatives. With a will, an estate owner can make sure that their closest loved ones receive their possessions. In addition, people who have life insurance, retirement funds, 401(k)s and other benefits at work should also make sure that they update their beneficiary designations.
Young professionals just starting out in their careers can still benefit from thinking about the future of their assets. An estate planning lawyer can create key documents such as wills and powers of attorney that reflect a client’s thoughts and decisions about the disposition of their property.