It’s never too early to plan for the future
Planning for the future can be a daunting prospect for those in their 20s and 30s. Younger adults may not see the need to consider their long-term legal and financial needs because they are healthy and likely have not yet built substantial estates. While estate planning is a prudent step for high-income earners and the exceptionally wealthy, there are benefits to this for Florida adults of all income levels.
Life is unpredictable, and regardless of your age, income or health status, you will benefit from having certain plans in place. This will give you confidence as you move forward in life, and you will be able to adjust your plans as your life changes. It is never too early to look ahead and ensure that your interests and those of your loved ones are secure.
Estate planning steps for young adults
As a younger adult, you will have estate planning needs that are specific to your age and stage of life. When you are crafting your plan, you will benefit from taking the following into consideration:
- Your student loans – Your student loans are likely a significant debt. You may be able to purchase an insurance plan that will cover this debt in the event you cannot pay the loan.
- Health care directives – You can draft documents that will give you the opportunity to make plans regarding your medical care in the event that you cannot express your wishes.
- Will – Every adult needs a will as this will allow him or her to have the final say in what happens to personal property, pets and other important matters in the event of his or her death.
- Digital assets – You likely have an online presence, and it is beneficial to ensure that you have plans in place that allow you to control what happens to online accounts, digital currency and more.
It is possible to create an estate plan that will allow you to protect your interests and control certain issues that could arise in the future. If you are in your 20s and 30s, you will benefit from the protections and benefits offered to you through a complete estate plan. An assessment of your specific estate, finances, legal goals for the future and more will provide you with insight regarding the ideal direction for your estate plan.