Most people don’t think about estate planning, until they reach retirement age. This is a mistake for a couple of reasons. First, you never know when an accident is going to affect your ability to communicate your wishes, or cause your death. Second, estate planning involves much more than simply making out a will and doing it early in life will ease that burden. You’ll be able to relax, knowing your loved ones are cared for, when something does happen.
One of your biggest concerns may be what will happen to your minor children, if you die, while they’re still young. An estate planning lawyer Hernando County FL can help you ensure your children will be placed with the individual of your choosing. Otherwise, the courts will determine who will get custody and they may be placed with someone you would not have chosen.
Another important thing to consider is what will happen, if you become unable to make sound decisions. This can either be the result of cognitive decline, brain trauma caused by an accident, or another medical condition. However it happens, you will need someone to make decisions for you. Your estate planning attorney can help you designate a medical power of attorney, which is someone you trust to make decisions in regard to your medical care. You should also designate a financial power of attorney. This is an individual responsible for making sure your bills are paid, your investments are managed, and your household obligations are met.
Additionally, your lawyer can help you arrange the distribution of your estate in a manner that will limit the amount of time it’s held in probate. This means your heirs will receive their inheritances sooner. These are just a few of the details you should consider, even if you’re still a young adult. Accidents and illnesses can change our lives without warning, which is why it’s so important to be prepared. Once you sit down with an estate planning attorney and iron out these issues, you can rest easy in the knowledge that you, and your loved ones, will be taken care of in the future.