Though it may seem too early for you to worry about estate planning, the truth is that all adults should have some type of plan in place for their assets upon their death.
Here are four reasons why it makes sense to start estate planning, no matter how young you are.
1. You want your assets to go to your loved ones
If you pass away in Florida, your property will pass to your relatives in accordance with intestate laws. You may have specific wishes for who inherits your assets and belongings, and the most efficient way to ensure this happens is by creating a comprehensive estate plan.
2. You want your children cared for
People with minor children need estate plans to ensure proper care, both physical and financial, for their children. In addition, adult children with special needs require extra attention when it comes to planning for their care after you die.
3. You want to provide financially for your loved ones
One of the main goals of preparing these legal documents is to plan for the futures of your loved ones. Planning with professionals can give you peace of mind knowing that your finances are in order should you pass away unexpectedly.
4. You want to pay as few taxes as possible
Since you want to leave as much of your total assets to your heirs as you can, sound estate planning is crucial to help you pay as little of your estate to taxes as possible.
The reality is no one knows when they will pass away. This is why early estate planning benefits everyone.