Attached to the phrase “Estate Planning” is the stigma that it is something that only the elderly and terminally ill consider. However, the earlier the planning begins in life, the better. Born between 1980 and 2000, the Millennial generation is the largest in US history. In Florida, millennials are now graduating from college, landing their first “Adult” jobs with benefits such as 401k matching, life insurance, and pension plans. Furthermore, this generation of adults have a keen interest in becoming first time home buyers early on. For these reasons, they are beginning to buy homes and starting new families. So now is the time that millennials should start estate planning.
Estate planning has many great features. For one, you are able to continuously change it throughout time to match your imminent needs and desires. You don’t have to wait to get married or have children to begin planning. Moreover, you may have close friends or family members that you may wish to pass assets to or have them control your finances or health care decisions should you become incapacitated. In the future, if you decide to marry, divorce, and/or have children, the estate plan can always be modified accordingly.
According to a 2016 Gallup poll, 56% of Americans do not have a will. This number is significantly high and alarming. When a person dies without a will or trust, their assets will pass according to the default laws of the state, which are called intestate succession. Based on the laws of the particular state, your property will pass to certain relatives based on a priority system set up by the state. In turn, some of your most important relatives may be left out completely under those default rules. This could mean that the stepchild you raised and loved as your own relative by blood, may not receive any of your assets upon death.
All in all, it is important to have your affairs in order in the event that a major life change occurs.Now is the time to get your Estate in order. Contact The Kendrick Law Group today at 407-641-5847 to set up a free consultation with one of our experienced attorneys.