Estate Planning for Millennials
Millennials are growing up and doing so fast, and as we all know, young adulthood is full of important milestones. Florida millennials are now graduating from college, landing their first “adult” jobs with benefits such as 401k matching, life insurance, and pension plans. This generation is now starting to make big decisions such as buying homes and starting families. Now is the time that millennials should start to begin estate planning.
Estate planning has the stigma of being something that only the elderly and the terminally ill consider. However, estate planning is much more effective when started at an early age. No one can predict the future, and every person benefits by having a will, trust, and a power of attorney.
The great thing about estate planning is that you can adapt and change the plan as needed. You don’t need to wait until you are married and have children to create the plan. Moreover, you still have many friends, loved ones, and relatives that you may wish to pass assets or control your financial and health care decisions if you become incapacitated. If you ever become married, divorced, or have children the estate plan can always be modified.
According to a 2015 Harris Poll, over 60 percent of U.S. residents have not executed a will. This is an astonishing number because if something were to happen to these people tomorrow, they would have no document to explain how their documents should pass.
When a person dies without a will or trust, then their assets will pass according to the default laws of the state. The default probate laws are called intestate succession. This means that your property will pass to certain relatives based on a priority system set up by the state. Some relatives and loved ones may get completely left out under the default rules. For instance, in Florida, a stepchild may not receive any assets at all even if you treated the child just like the children related by blood.
A well-rounded estate plan includes more than just a will. We often provide our clients with a power of attorney as well and a health care directive. These documents allow someone you trust to make financial and health care decisions for you if you were to become incapacitated. This is important because if you are not married, or have other extenuating circumstances, then doctors will not be able to talk to your family members.
Millennials are a generation of young people that care about the quality of life and helping those around them. Perhaps, then, the best way to ensure a great quality of life for the loved ones in your life is to start an estate plan now. Contact the Jacksonville estate planning lawyers at The Law Office of David M. Goldman PLLC today for more information.