You’re Never Too Young For Estate Planning
There tends to be a misconception that the estate planning process is only for people who have reached middle age and beyond. And while it’s true that a majority of those people who approach estate planning attorneys looking for assistance in drafting estate plans have already reached middle age, there are plenty of benefits to beginning your estate planning when you are only in your 20s or 30s.
One document that everyone should consider preparing regardless of their age is a living will, also known as an advance directive. In this document, you outline how you wish your end-of-life care to proceed, including any extraordinary measures you do or do not want taken to safe your life. While you will hopefully not have to worry about these scenarios coming to be, it’s always important to consider worst-case scenarios and how you will be prepared for them should a tragic accident occur.
The 20s and 30s are when people most often get married and begin to have children, two important life events that can drastically impact your estate plans. You will want to make your children have guardian arrangements in the event of an accident that claims your life. Whom you name as guardian of your children is a most difficult and important decision. And, you will want to make sure that any wills that you have include your new spouse or children as beneficiaries of your estate.
Although you might not need to draft as complete of an estate plan at a young age as you would in your 50s or 60s, it’s never too early to start looking to the future. Speak with a Tampa estate planning attorney at BaumannKangas Estate Law. to learn more about what you should include in your plan.