Estate planning allows testators to protect their assets and loved ones should they become incapacitated or die. They can state wishes regarding asset distribution, the guardianship of their minors and business succession and so on.
But what if you don’t have these things yet?
In Florida, anyone above 18 years and of sound mind can create a will. Is it too early to start estate planning at this age or a bit older?
Here is what you should know:
It’s never too early to start estate planning
Creating a will at 18 years or a bit older can be beneficial. While you may not have many assets to distribute at this age, the things you own, including your car and bank accounts, may hold more value than you believe.
Further, you will update your plan as you add assets. Thus, you don’t need to own assets worth thousands of dollars to start estate planning.
In addition to accounting for your current belongings, you can appoint a healthcare power of attorney at this time. Since you are above 18 years of age, your parents may not have the right to access your health or financial records. Naming them in your advance healthcare directive allows them to make decisions on your behalf should you be unable to.
It may also help to state wishes concerning treatment and medications that can be administered.
Consider getting help
It’s crucial to get help when making your estate plan. For instance, you should work with an appraiser to get accurate details of your existing assets and so on.
You can start estate planning at 18 years old. It may be best to get legal guidance to make informed decisions.