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Estate planning not only for the elderly

by | May 13, 2013 | Estate Planning |

While many Orlando individuals may believe that estate planning is only an issue to be considered by the ultra wealthy and the elderly, even young people can benefit from the use of estate planning. By completing wills, healthcare proxies and power of attorneys, young people can take the steps to protect their assets and make their preferences known to family members.

One reason young people should consider estate planning is to prepare for what would happen if they ever got into a terrible accident. By creating an incapacity plan, a person can inform family and medical personnel of his or her preferences. Experts suggest that everyone complete a health care directive or a living will. Also, individuals should designate a personal representative through a healthcare proxy to allow another person to make decisions when they are unable to do so. This step also helps to give certain people access to the person’s medical records to make better informed decisions.

Another step that young people might consider is establishing a legal relationship that will give another person the right to make financial decisions on their behalf. This is called a power of attorney and is a legal designation that lets a person complete tasks such as writing checks, maintaining rental properties, paying bills and making contracts. Another option for Florida residents is to create a springing power of attorney that only delegates these powers when a person becomes incapacitated. Another estate planning step to consider is drafting a will. This lets individuals designate who will receive their property in the event that they die.

A person who is interested in taking these precautionary steps may decide to consult with a Florida estate planning attorney. This individual may be able to talk to a potential client and make recommendations based on the person’s individual circumstances.

Source: NBC News, “Even young adults should start estate planning”, Sheyna Steiner, May 06, 2013