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Gainesville Florida Estate Planning & Elder Law Blog

Tuesday, September 6, 2016

It’s Never Too Early to Discuss Financial Preparations

Being young often gives people the feeling that they don’t have to plan for the future. And in some cases, while they may be smart enough to plan for retirement, they do not think about what happens to their estate if they die suddenly.

Often they assume they don’t have enough of an estate to worry about it, or they have no dependents yet, so why bother.

But there are several valid reasons for doing this early planning, not the least of which is taking away the burden for those you leave behind of having to track down your financial accounts or deal with any debt you may have.

The sad reality is people can die young. According to the Centers for Disease Control, 106 per 100,000 Americans died between ages 25-34 in 2013. That number increases to 172 per 100,000 in the 35-44 age groups. And the leading cause of death in these groups is accidents or unintentional injuries. No matter your age, you should consider having a Durable Power of Attorney and a Designation of Health Care Surrogate. And then it’s important to consider these simple steps.

  1. Put beneficiaries on all your investment or bank accounts. That doesn’t give them access to your money while you are alive.
  2. Avoid probate court by identifying your heirs and distributing your belongings to them in the event of your death.
  3. Write a will.
  4. If you have co-signed student loans, you should also have life insurance making the co-signor of the loan your beneficiary.

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