Tampa Estate Planning For Millennials
Millennials include anyone born between 1981 and 1996. Those on the younger side of the spectrum are often focused on building their careers, while many older millennials are busy raising young families. Unfortunately, they face serious struggles in obtaining good jobs, quality health care, homeownership, and other things prior generations took for granted harder.
As a result, many fail to see the importance of making an estate plan. Our Tampa estate planning lawyer explains why it matters and offers simple tips to ensure both you and those you love are protected.
Do Millenials Need Estate Planning In Tampa?
The Pew Research Center sets parameters for defining each generation and studies its characteristics and the different challenges it faces. Millennials grew up amidst major world events (the turn of the century and 9/11, to name just a few) and face unprecedented challenges in terms of making a living and dealing with astronomical student debt.
Between their age and their life experiences, estate planning may be at the bottom of their list. While millennials may fail to see the need, there are important benefits:
- Allows you to have a voice in your medical care if you are incapacitated due to injury or illness;
- Ensures your affairs are properly managed during your recovery;
- Conveys final wishes in the event of your death;
- Helps avoid costly and time-consuming probate court proceedings;
- Provides an inventory of all assets and determines how they are distributed.
Basic Estate Planning For Millenials
Estate planning is important at every age. It gives you a voice in how your personal matters are handled and ensures those you care about are provided for properly. While your needs may be different than your parents or other older adults, there are certain actions you should take. The following are some basic estate planning tips for millennials to follow:
- Create a will: One of the most important estate planning documents, a will coveys your final wishes, details all property and assets you own, and acts as a guide through Hillsborough County Probate Court proceedings.
- Create advanced directives: Documents such as a living will and health care power of attorney clarify your wishes regarding medical care and designate someone you trust to make important health-related decisions on your behalf.
- Designate a power of attorney: This designates someone you trust to handle your personal, business, and financial affairs in the event you are unable to.
- Set bank accounts to Payable Upon Death (POD): This is one of the simplest estate planning tasks. It allows someone you trust to have access to funds in the event of your death, bypassing probate.
- Consider life insurance: If you have children or others who rely on you, life insurance may be a smart investment.
Contact Our Experienced Tampa Estate Planning Lawyer
At Bubley & Bubley, P.A., we understand the unique challenges millennials face and can help you put the appropriate estate planning documents in place. To get the trusted legal guidance you need, contact our office and request a consultation with our Tampa estate planning lawyer today.
Sources:
pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/
hillsclerk.com/court-services/probate-guardianship-and-trust
