Florida’s young professionals encouraged to begin estate planning
Drafting a will is not viewed as a young person’s game. Rather, estate planning is more often associated with gray-haired individuals determining how they want a life-time’s worth of assets to be divided up amongst their family and favorite charities. Locally, however, there has been a push to encourage Florida’s young professionals to erect an estate plan out of the gate.
While most of these individuals have more student loan debt than transferable assets, young people still need a plan. If nothing is done, his or her quickly growing portfolio, and family will be confronted with uncertainty. Nonetheless, at the same time, young professionals do not want to sink time and money into an estate plan, which will simply divvy up nominal assets.
Fortunately, estate planning is easily customizable to any individual. Therefore, these young individuals do not need to toil away, for example, with a complex trust for the benefit of their unborn grandchildren. Rather, they can effectively manage the major issues confronting their generation without wasting time on unneeded planning vehicles.
For instance, young professionals are encouraged to have both financial and health powers of attorney. These are simple documents, which provide someone authority to manage your affairs in the event of a disability. In addition, a short will allows young professionals to direct the disposition of their assets to friends or spouses, rather than leaving those determinations to the chance.
Young professionals are also encouraged to name beneficiaries of their financial assets, like a 401(k) or simple bank account. In doing so, the beneficiary is granted almost immediate access to funds without the stress of probate proceedings.
All of these things can be done quickly and economically, but provide priceless value. Local Lee estate planning attorneys can answer questions, and prepare a basis plan for young professionals to build on as their family and career evolves.
Source: The National Law Review, “Five Estate Planning Documents Every Young Professional Should Have,” Amber Curto, July 7, 2014