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Even Millennials need an estate plan

Young adulthood is full of milestones. Millennials in Florida these days are getting an education and landing their first "real" jobs, with benefits such as pensions, retirement plans and life insurance. They may even be making major purchases, such as buying their first homes, or starting families. However, one thing they may not have given much thought of is estate planning.

Estate planning may be seen as something only for those who are in ill health or very old, but in fact that is not the case. No one can predict what the future will bring, so anyone can benefit by being prepared with a will, power of attorney or even a trust. This is true even of those in their 20s and 30s.

Moreover, a person need not be married or have children in order to create an estate plan. After all, there are still relatives, friends or even favorite charities that a person may want to pass their assets on to. And, should marriage or children come in the future, an estate plan can be modified to account for them.

Millennials aren't alone in neglecting to consider an estate plan. A 2015 Harris Poll reports that over 60 percent of U.S. residents have not executed a will. Of course, a well-rounded estate plan should include more than just a will. Health care directives can dictate what medical care you want if you reach a condition where you cannot make decisions for yourself. A financial power of attorney can assign someone to take care of your finances if you are incapacitated.

In the end, people of all ages can benefit from an estate plan. Those who are ready to take the plunge into the world of estate planning may want to think about seeking the advice of an experienced Florida attorney first, so they can ensure that the final documents are sound and legally enforceable.

Source: NerdWallet, "Millennials, Don't Forget Estate Planning," Winnie Sun, March 6, 2017

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