When Should You Start Estate Planning?

millman law group start estate planning

You can start estate planning with The Millman Law Group as soon as possible!

As an adult, you may wonder when you should start estate planning. Should you wait until you own a house? Until you get married or have kids? If you want to be comprehensive in planning for your future safety and all that may happen to your health, finances, and property, you should start estate planning as soon as possible. If you are a legal adult–18 years and older–you can start estate planning today with the help of an experienced and dedicated lawyer. At The Millman Law Group, we believe in the value of estate planning early. Your estate planning attorney can help you understand the many negative scenarios which can be prevented through careful estate planning. 

How Younger People Can Benefit From a Will or Trust 

You may believe you don’t yet own enough assets to need a will or a trust to hand them out if you pass away. That assumption is often mistaken, as every individual has assets or financial matters that must be taken care of after death. Someone must prepare your final income tax return, pay all bills, and distribute your belongings. Without a will or a trust in place, your estate is intestate, and all items will be distributed through the laws of intestacy. 

Additionally, going through probate court is more expensive for your family when you die intestate. The assets you do have will be reduced further by these increased administrative fees. Also, if you were unmarried, your legal heirs would not be required to leave anything to your significant other. If you want to ensure that your assets are delivered to your loved ones, creating a will or trust that outlines your plans is the best way to do so.

Durable Power of Attorney Can Help Young Adults 

Adults of all ages can be victims of severe illness or sudden accidents that change their life. While the likelihood of illness or serious conditions may increase as you enter old age, the truth is you can never plan for when these dramatic events may happen. 

This is why having a durable power of attorney can help you prepare for the unexpected. A power of attorney lets you select someone you trust to act on your behalf when managing your finances. This is just one tool of many that help you prepare for scenarios in the future. 

Healthcare Proxies Are Always Beneficial 

In addition to assigning a financial power of attorney, you may designate a healthcare proxy when you start estate planning. Illness or injury can rob you of your health for a long time or temporarily. This document lets you determine who will make your healthcare decisions if you cannot. 

These estate planning decisions can seem dramatic or unnecessary at the current time. However, if something suddenly changes your lifestyle, you will be much more prepared than most to tackle this challenge and receive the care you prefer. When you start estate planning as a young adult, it is easy to make plan adjustments as you gain more assets or start a family.

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.