Estate planning. If you are a young Floridian in the millennial generation, just hearing that term may make you immediately think about your parents or grandparents. But, before you stop there you should think more closely about your own self and your own life.
You like to go rock climbing or motorcycle riding on the weekends. You’re planning your first parachute jump. You drive every day. All of these things are risky. You could be the victim of an accident that leaves you seriously injured, maybe in a coma or even dead. What would happen to your assets or to your children if you have any? Who would be responsible for managing your care and making decisions on your behalf? Who would pay for your care?
As explained by Fidelity, the above are just some of the questions that you as a millennial should answer. Estate planning is not just for older people who are more established in life. Even if you do not own a home or have kids yet, you have belongings and may have financial assets that would need to be sorted out if you were to die. Having all of these things tied up in probate court would make an already tragic situation more tragic for your parents. Siblings, spouse or children.
Estate planning should not be something you do just one time, either. You will want to update your estate plan as your life changes. Buying a house, getting married, starting a new business and having a first or subsequent child are all life experiences that warrant an update of your estate plan.
To learn more about how and why to approach estate planning in your 20s or 30s, please visit the millennial estate planning page of our Florida probate and estate planning website.
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