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From your home and personal possessions to your bank accounts and investments, your estate denotes your net worth in the eyes of the law. While an estate plan can help you prepare for what happens to your prized belongings after your passing, a staggering 67% of Americans have no legal plan in place, according to CNBC.

Most financial advisors recommend starting an estate plan at 18 years old and updating it every three to five years. However, for many young adults, wills, trusts, and powers of attorney are the furthest thing from mind as they embrace newfound adulthood.

The truth is, once you become a legal adult, it’s never too early to start thinking about your estate plan.

The Role of an Estate Plan

Because there is no guaranteed prediction of your lifespan, creating a comprehensive estate plan — complete with last wills and testaments, trusts, healthcare surrogates, and more — helps ensure your loved ones and beneficiaries are taken care of in the event of your incapacitation or death.

Without establishing a proper estate plan while you’re alive and able, state law and probate courts will make decisions on your account after your passing. Making moves on your estate plan ahead of time can help your surviving loved ones save the time and expenses of probate court, while assuring that your final wishes are carried out as intended.

Reasons to Start Thinking About Estate Planning

Whether you’re a fresh college graduate with your first job or the long-time breadwinner in a high-asset family, there are many reasons to start considering the future of your loved one’s financial health in the event of your passing. No matter where you are in life’s course of events, some of the most important reasons to get a headstart on your estate plan include:

• Ensuring your peace of mind about your family’s financial future
• Naming preferred guardians for your children if you or your spouse dies
• Protecting your assets from future creditors
• Appointing durable power of attorney if you are incapacitated by illness or injury
• Making advanced directives for any healthcare needs

Your Estate Planning Attorneys in Seminole, FL

Estate planning isn’t only for the ultra-rich or the very old, and it doesn’t have to be an overly complex process. At Rooth & Rooth Elder Law Attorneys, our experienced team with over 50 years of combined experience can help you navigate all aspects of your estate plan and adequately prepare for the future. Contact us today to learn more about getting started on your estate plan.