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Planning an estate is usually one of the last things on the minds of most young people. However, it is never too early to begin estate planning in Florida or in any other state. Many young people have more assets than they realize and should do whatever they can to make sure these assets are protected in the case of something unfortunate occurring. This is especially important for young people who have started promising careers and are also looking to marry.
A power-of-attorney document is one of the most important estate planning instruments which a young married person should have in his or her estate plan. This document allows one to choose who will be given the legal right to manage the young person’s financial and medical decisions in the case of being incapacitated. Usually a young married person will want his or her spouse to be given power-of-attorney rights.
Another essential legal instrument for an estate plan is a will. This document instructs how one’s assets are to be distributed after one’s death. It also specifies one’s intended heirs and will make sure that they will receive assets upon a person’s death. This is important since an unforeseen fatal accident can happen at any time and to anybody of any age.
When one decides to begin estate planning in Florida it is essential to make sure that the legal documents associated with the estate plan are properly drafted with the correct legal language. A mistake on one of these legal documents could result in the estate plan being challenged in probate court. This can also happen with a power-of-attorney document in the case of incapacitation.