Though many adults don’t consider estate planning an important priority until they are nearing retirement, the truth is that estate planning should actually begin at the start of adulthood. Considering that estate planning encompasses all of the plans that keep you and your loved ones protected and supported in unexpected situations, it only makes sense to commence estate planning as a young adult and continue to update your paperwork as you experience important life changes.
Estate planning isn’t a widely understood concept, so many adults assume it only involves the designations required to pass important property down to family members and friends. If you don’t have a large quantity of “stuff” to pass down, you might assume that estate planning doesn’t need to be a high priority on your list. These are dangerous misconceptions, especially if you have children.
Understand the Real Purposes of Estate Planning
Estate planning is an umbrella term that encompasses all of the planning required to protect your assets, loved ones, and interests. Working with an attorney to develop your estate plan can give you peace of mind in the case of future conflicts or emergencies. The most essential components in estate planning include your last will and testament, power of attorney, living will, and health care surrogate.
Your last will and testament will articulate how you want your property passed along to others after you pass away, while your power of attorney will name a specific person to manage your financial and legal affairs if you become incapacitated. Your living will is meant to specify your end-of-life care requests, and your health care surrogate will be granted the power to make healthcare decisions on your behalf. If you have children, these elements of your estate plan are all the more significant because they will ensure that your children are completely cared for in the event of your injury or death.
The best way to create an estate plan is to work with an experienced and compassionate attorney like those at North Tampa Law Group. As estate plan experts in Hillsborough and Pasco Counties, the attorneys at North Tampa Law Group are here to guide you through the estate planning process at any age! Call (813) 699-3673 to get started now. Why wait?