Estate Planning Is Not Just for the Elderly & Wealthy
April is National Financial Literacy Month. We thought it would be the perfect time to talk about estate planning for those in their 20s and 30s. Many in this age range may assume, if they are not currently wealthy or have many assets, that they do not need to work with an estate planning attorney. This, however, is a myth. In fact, regardless of means or financial status, every adult should contact an attorney for an estate plan.
Estate Does Not Always Mean Large Sprawling Property
In legal terms, an estate refers to the assets you own when you die. An estate plan may simply be a will at times. Other times, such as for families with small children, it includes information regarding custody and more. Should you or a loved one pass without an estate plan in place, the estate will go into probate. This could be a hardship for those who are left behind. As a young person or young couple, it can feel awkward or difficult to think about the end of your life. But, unfortunately, accidents happen and, as we have sadly learned with the COVID-19 pandemic, many are taken from us too soon. Having an estate plan in place is one way you can be prepared for all possibilities.
Why You Need a Plan
Probate in Florida can be challenging, and arrangements may be significantly more difficult when a person passes without a will. An estate planning attorney helps both the individual planning ahead and those who will be left behind. If you have children, an estate planning attorney can help you ensure your children are cared for by the person of your choosing. They can also establish a trust to provide for your children should both parents die. This trust can also dictate what happens to the remaining money from your estate once the children reach the age of maturity.
An Estate Planning Attorney Can Help with Other Essential Documents
No one expects to be placed on a ventilator or to be in a persistent vegetative state. However, if it happens to you, what are your wishes? Even if you tell your loved ones, they may not be able to follow your wishes without legal documents stating what you desire. An estate planning attorney can help you draft a living will, medical power of attorney, and a do-not-resuscitate order if these are your wishes.
Wagstaff & Pitelis Offers Complete Estate Planning Services
Whether you are single and have minimal assets or you are a married couple with children and significant assets and investments, Wagstaff & Pitelis can help you plan for the unexpected. We are experienced estate planning attorneys and practice in all areas of family law. Call us today to learn more about our services or schedule a consultation. Reach us at (727) 584-8182 or fill out our contact form.