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Even young people can benefit from having an estate plan

On Behalf of | Aug 3, 2018 | Estate Planning, Firm News

There are many Florida residents who may think that estate planning is a task for “old” people to take care of. However, this couldn’t be further from the truth. In reality, everyone – young, old, married, single, rich, poor – could benefit from having an estate plan in place. Young couples, in particular, could benefit from having an estate plan.

A recent article noted some of the advantages for young couples who decide to craft an estate plan. For starters, an estate plan can help a young couple plan out their financial priorities and what it will take to protect what is important to them. Life insurance, for instance, may be a purchase that is made as couples look into estate planning. When they really take a look at the financial devastation that could be caused by the sudden, unexpected death of a spouse, many people see the sense in being protected by a life insurance policy.

Some young couples will also debate as to whether they just need a simple will, or perhaps they need to establish a trust. Some couples could benefit from doing both. A trust, for example, could help some assets avoid the probate process.

Young couples are usually active. This means they may be more prone to life-threatening injuries. In the event that a person becomes incapacitated and unable to direct wishes on health care and financial matters, power of attorney documents can appoint another person to make those important decisions. Having those documents properly drafted as part of a comprehensive estate plan can help ensure that they are available if needed.