Do Young People Need Estate Planning?

Most people assume that estate planning is a process reserved for the elderly. If you’re a young individual, you might think that you have years – even decades – before you have to worry about what happens after you pass away. However, this is something of a misconception – and young people can benefit just as much from estate planning as anyone else. In fact, some young people might even need an estate plan more than their older counterparts. To discuss your options in more detail, consider a consultation with an estate planning lawyer in Tampa.

Advance Directives and Medical Powers of Attorney: A Key Concern for Young People

Putting financial matters aside, anyone can become ill or injured. It doesn’t matter how old you are, and accidents can happen to young, old, healthy, or sick people. Even one year after becoming a legal adult, an 18-year-old could experience a debilitating car accident. They might also suffer a brain injury after slipping on a puddle of spilled milk.

If you find yourself suffering from irreversible brain damage or a coma, how do you want your relatives to act? If you want to exert some degree of control over this situation, you must make these wishes known beforehand.

Fortunately, estate planning allows you to do this with advance directives and medical powers of attorney. Advance directives allow you to write down how you want doctors to react if you encounter certain issues. Do you want them to remove you from life support if you fall into a “vegetative state?” Do you want to have your organs donated if you pass away? You can write down these wishes ahead of time and save your loved ones from difficult decisions.

Medical powers of attorney are arguably simpler, as they simply transfer decision-making authority to an “agent” of your choosing. This might be a parent, sibling, spouse, or anyone else.

Estate Planning for High-Net-Worth Young People

Although all young people might want to consider their medical needs, high-net-worth individuals may also benefit from the financial aspects of estate planning. If you have a business, you might want to create a financial power of attorney. This gives a person the same decision-making authority as a medical agent, but for financial matters.

If you ever become debilitated, your agent can continue running your business until you recover. This could be crucial, especially if your family depends on the income generated by your business.

Of course, you might also want to create a Last Will and Testament as a young person, as this is a relatively straightforward (and affordable) process.

Find an Experienced Estate Planning Lawyer in Tampa 

If you’ve been searching for an experienced estate planning lawyer in Tampa, look no further than Knudsen Law. For years, we have helped estate planners from all walks of life. Regardless of your age or wealth, estate planning could lift a heavy weight from your shoulders – allowing you to live the rest of your life with total peace of mind. Reach out today, book a consultation, and discuss your legal options in more detail.

Sources: 

quality.healthfinder.fl.gov/report-guides/advance-directives

floridabar.org/public/consumer/pamphlet13/