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Estate planning is not just for the elderly

estate planning not just for the elderly.jpgWhen many Florida residents hear the term "estate planning," they think of older people settling their final affairs. However, creating an estate plan does not have to be something that only applies to older people. In fact, even if you have only recently reached the age of majority, considering your estate planning desires could prove wise.

When you considered the idea of becoming an adult, your thoughts may have centered around having the ability of going out when you wanted, finishing college, having a career and buying a house. While these actions certainly go hand in hand with adulthood, they also go hand in hand with estate planning.

Why plan early?

Even if you are only in your 20s or 30s, you still have your own estate and your own sense of self. Additionally, your parents can no longer legally make decisions for you. While you may have seen this lack of parental control as a benefit, it could cause issues down the road if you end up in a serious accident. You could wind up incapacitated due to an injury or illness at any age.

If you have not legally appointed someone to make medical and financial decisions on your behalf, your well-being could be up in the air. Fortunately, an estate plan gives you the opportunity to appoint power of attorney agents and create advance health directives to make sure that others know your wishes should an incapacitating event take place.

What about your assets?

Estate planning is certainly vital when it comes to addressing your health care needs, but creating a plan is also wise for your assets, even if you do not have many at your age. If you have a job, you likely also have a retirement account that could use a beneficiary. You may also have certain items that you hold dear and do not want to fall into the wrong hands in the event of your passing.

What are your planning options?

Even at your age, you have many planning options available. While certain do-it-yourself options do exist, you may want to take a wary approach to using them. You could easily make a mistake or not understand the forms you use, and as a result, you could unnecessarily complicate your estate. Fortunately, you could work with a legal professional to help make sure you plan stays on track.

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