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Why do young people need an estate plan?

On Behalf of | Feb 10, 2021 | Estate Planning

Many Florida residents make the mistake of assuming that they’re too young to plan their estate. What’s the point of writing a will if you only have a few possessions in your name? It might be hard to think about, but anyone could die in their twenties or thirties, and if you don’t leave a will behind, you have no control over who gets your assets.

Why should young people plan their estate?

Anyone can benefit from estate planning, even if they only have a few assets. For example, a single person in their twenties might have only a car, their personal belongings and a savings account. They might assume that their family members will divide up their assets if they die at a young age. However, a judge will decide who gets major assets like their car and savings account. Their assets could go to a family member that they don’t particularly like or who doesn’t need the money.

When you have children, it’s even more important to have an estate plan. If you die without a will, you’ll have no control over your children’s guardian or inheritance. The court might appoint a guardian who doesn’t act in your children’s best interests. The guardian might also misuse your children’s inheritance, leaving them with nothing when they turn eighteen.

What should you include in your estate plan?

An attorney could help you write a will that covers your entire estate. You might want to divide up large assets like properties and investments as well as smaller assets like jewelry and personal belongings. If you follow the correct procedures, your will is legally binding. You could leave your assets to anyone, even a friend with no blood relationship to you.

Once you have children, you’ll have to appoint a guardian to take care of them if you die when they’re still minors. You’ll also have to choose beneficiaries for certain assets like savings accounts and life insurance policies. Additionally, you might want to choose an executor who will deal with your will and distribute your assets after you’re gone.