Florida Attorneys Assisting with Estate Planning for People Under 40
Estate planning can happen at any time in your life. Whether you are in your 20’s or you are venturing into the 50’s, there is no wrong time to start planning for the future of your estate and your loved ones. Naturally, the faster you start the process, the better. If you’re under 40 and you’re just starting your estate plan, you are already on the right track. The next step is to familiarize yourself with the process and prepare yourself for your consultation with an estate planning lawyer.
Five Tips for Getting Started
- Start even if you don’t have a high net worth. It is a common misconception that you need a high net worth or millions in assets to start estate planning. Bottom line: You have assets even if they aren’t worth millions. You could have bank accounts, a home, retirement accounts, vehicles, liabilities, and possibly a family. All of these can benefit from a well-drafted estate plan. So, do not assume that it is too late, too early, or that you don’t have enough assets.
- Have the “conversation” with family and close friends. Your loved ones need to know your expectations and wishes before you draft your will. Have a discussion with beneficiaries, and have a talk with your potential executors to see who is comfortable with the job. When family members are involved in the estate planning process, it can reduce the likelihood of confusion and will contests after you have passed.
- Focus on the basics and worry about the complexity afterward. While you may have your eyes set on the more complex aspects of estate planning (such as a trust), the first step is to start with the basics. Meet with an estate planning attorney and discuss which basic estate planning items you need, such as a healthcare directive, living will, last will, and guardians for your children. You can add the more complex items as you go.
- Always use a professional. While there are DIY forms available, these rarely feature the complexity required for a well-drafted estate plan. An estate planning attorney understands the constantly evolving estate laws for Florida and can ensure that you create a plan that protects your loved ones, but also is in accordance with state laws.
- Review your plan continually. While you are under 40, you are likely to experience several significant life changes. This is why you should review your estate plan annually. Also, any time you have a life-changing event (e.g., marriage, divorce, new child, death in the family, new asset, etc.), you need your estate plan updated.
Meet with a Jacksonville Estate Planning Professional Today
When you are ready to take on the task of planning for your future, contact the estate planning attorneys at Beller & Bustamante, P.L. We are here to help you protect your estate, name guardians for minor children, and provide for your loved ones even when you are no longer around. Schedule a consultation today at 904-288-4414 or request your appointment online.