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Death is inevitable, of course. However, for many younger Americans in Florida and elsewhere, death is one of the last things on their minds. Many younger people tend to neglect planning for estate administration because they believe only older people need to plan for their own deaths. This line of thinking can be detrimental, since planning an estate is essential to anybody’s financial plans — regardless of age.
It is a sad fact that death can come at any age, and most young people realize that. What they may not realize is what could happen to their assets if they do not have an estate plan in place. Without an estate plan, state laws dictate how assets in one’s estate are distributed. Additionally, if one does not have an estate plan, one’s family may be subjected to a lengthy and expensive probate process.
Also, it is especially important for parents to consider making an estate plan, which includes deciding who will have guardianship of one’s children in the case of a tragedy. Having a life insurance policy with a significant amount of death benefits may be helpful. This will ensure that the chosen guardian will have enough financial resources to pay for caring for the children.
However, these are just some of the important parts of a plan for estate administration. Other important parts of an estate plan in Florida include, a durable power of attorney, a healthcare proxy and a variety of other key estate planning documents. Lastly, it is important that these documents are properly drafted and executed in order to ensure they are legally enforceable if and when they are needed.