Estate Planning Considerations for Young People
Not many people younger than middle age engage in estate planning, but the prevailing wisdom is that the sooner you get started, the better. It never hurts to prepare for the future, even if your own mortality seems particularly far off.
Here are a few estate planning tasks that even younger people who have not yet started a family can benefit from:
- Creating a will. If you have any assets that you care about, you should definitely consider writing a will. This way, you can take charge of who receives your possessions if you should die, rather than letting intestate laws dictate the distribution of your assets. If you don’t, any assets you have likely will go to your parents after your passing if you are still unmarried and have no children.
- Establishing a living will. If you should find yourself in a severe accident, a living will allows you to dictate your wishes regarding end-of-life-care, such as your desire for extraordinary measures of resuscitation or any sort of pain care you might receive.
- Establishing health care power of attorney. A durable power of attorney for health care gives your chosen person the power to carry out all of your health care wishes that you have expressed in your living will and to make any medical decisions on your behalf if you are unable to do so. You do have the ability to limit the powers this person has, but should you find yourself in a worst-case scenario, it can be very helpful to have someone close to you who is familiar with your wishes to be the one in charge of making your health care decisions.
If you are young and are already thinking ahead with your estate planning, contact the dedicated Florida attorneys at the Charles Law Office for the guidance and advice you need.