Adults in Florida may be tempted to overlook the importance of planning for the future because they assume they are too young or too healthy to really need these types of plans. In reality, adults of all ages can benefit from a strong estate plan, especially those in young families. Planning well now can help avoid problems and complications in case the unexpected happens.
Young families with young children may not have excessive amounts of wealth or extremely valuable assets, but they are rightfully concerned with the well-being of their kids now and the future. While the worst probably won’t happen, it’s prudent to plan for it. If the two parents die or are unable to care for their kids in case of incapacitation, the terms outlined in their estate plans will determine what happens to their kids.
One of the most beneficial tools is a carefully drafted will. This document can contain terms that will name someone to act as guardian in case it’s ever needed. In addition to naming a guardian, parents can make financial plans regarding how they will continue to provide for their children financially.
In addition to a will, young Florida parents and young adults will also benefit from having advanced medical directives, health care proxies and other documents drafted. This will allow them to have the final say over their health care needs. An assessment of the individual situation will reveal what someone needs in his or her estate plan for complete financial and legal protection.
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