There is a common misconception that estate planning can be put off until one reaches the golden years. However, doing so is not only ill-advised, but often detrimental to those left behind. The fact of the matter is, life is unpredictable. Therefore, having a plan is always better than not having one, no matter your age.
Here are two key considerations to keep in mind when developing a will and estate plan at a young age.
Figure Out the Specifics
There are many questions that must be answered when a person passes. Providing answers to such questions before that time comes will make it easier for your loved one’s to settle your affairs, thus alleviating the stress associated with it. An experienced estate planning attorney in Miami can advise you of the requirements associated with planning your estate in Florida.
First things first, you will need to compile a list of your assets and debts. Your attorney will sort through this list with you, drafting a thorough will that reflects how you wish for property to be distributed. Your will also should address who you want to name executor, which is the individual who will be responsible for settling your estate. Finally, if you have children, naming a guardian in your will is of the utmost importance. Be sure to select a person who is not only stable enough to care for your child, but also willing to raise your child in accordance with your beliefs and values.
Once you have a will in place, you will need to consider your directions for end-of-life care. Our probate attorneys understand that this can be a sensitive topic, and thus practice empathy as we help you draft a health care directive and make decisions regarding power of attorney.
Adapt When Necessary
When an estate plan is developed at a young age, there are bound to be changes that will have to be made as time goes on. It is crucial that when a major life event occurs that you meet with your attorney to update your will and related documents. For instance, if you get married, get divorced, have children, and so on. These life changes will raise more questions in probate court, so addressing them in your estate plan is key.
If you are ready to establish a final will and testament, it’s important to consult with a knowledgeable estate planning attorney in Miami. We offer free consultations for every probate case, and can answer your questions with sensitivity and expertise. Call our office today to schedule an appointment with a member of our team.