Four Estate Planning Documents Tampa Millennials Should Have In Place
If you are in your late twenties and thirties, estate planning may be something you heard your parents or grandparents refer to and thought that it does not apply to you. However, unexpected events can happen at any age, and it is important to be prepared. Our Tampa estate planning attorney shares four different types of documents all millennials should consider putting in place.
Tampa Estate Planning Documents That Protect Millennials
Pew Research defines millennials as people born between the years of 1981 and 1996. This puts the youngest in their late 20s and the oldest just over 40. These are prime years in anyone’s life, during which some may have started a family, pursued achievements in their career, or invested in stocks, digital currency, retirement accounts, and purchased cars, homes, and other types of property and assets.
Unfortunately, this is also the time of life when you are most likely to be unprepared in terms of potential risks. Major injuries, serious illnesses, and other unexpected events can happen at any age. Estate planning helps ensure you and those you love are protected. Documents to consider putting in place include:
- A will
According to Gallup polls, less than half of all Americans have a legally valid will. This is important for millennials as it dictates your final wishes in the event of your death, determines how property and assets are divided among loved ones and prevents time-consuming probate court proceedings. Dying without a will is known as dying intestate, which takes matters out of your hands and requires the court to determine how your estate is settled among heirs.
- Power of attorney
Designating someone you trust to act as power of attorney protects you in the event an injury or illness leaves you incapacitated and unable to attend to your financial and personal affairs. It requires them to act in your best interests while paying your bills and managing property and assets.
- Advance directives
Florida Health Finder provides examples of advance directives, which are important documents for people of all ages. They convey your wishes regarding emergency medical services and end-of-life care, in the event you are unable to yourself. This spares your loved ones from having to guess what you might have wanted or make painful decisions on your behalf.
- A living trust
A living trust is often used for Medicaid planning purposes, helping to offset the high cost of long-term care. However, it can also protect your assets against lawsuits or other types of liability and allows you to make detailed arrangements for children, pets, non-profit groups, or others who are important in your life.
Contact Our Tampa Estate Planning Attorney And Request A Consultation
At Strategic Counsel Law Group, L.C., we provide trusted, local legal guidance to people of all ages in estate planning. To discuss the documents you may need to put in place, call or contact our Tampa estate planning attorney online and request a consultation today.
Sources:
pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/
news.gallup.com/poll/191651/majority-not.aspx
quality.healthfinder.fl.gov/report-guides/advance-directives
