You just graduated from college in Florida and received your first “real” job offer. Surely it is a better use of your time and energy to focus on your career and not your estate, right?
See what U.S. News & World Report has to say about young professionals and estate planning. While you may not be rolling in dough right now, that does not mean you cannot start planning for the inevitable.
It is simpler than you think
Rather than focusing on your wealth, or lack thereof, it is better to focus on your future medical and financial health. For instance, you can go ahead and designate a health care proxy and durable power of attorney. That way, if an accident or emergency renders you incapacitated, you have someone to speak in your stead regarding your medical and financial decisions.
Beneficiaries
If your new job comes with a 401(k) or something similar, you need to name a beneficiary who receives your death benefit or assets when you pass. Work with a legal professional to create a will, which includes naming beneficiaries. The reason it is so essential to specifically name beneficiaries is that you do not want the state or court to decide who inherits your estate. You may not care for the idea of a relative you do not like inheriting your money and hard work.
Keeping costs down
Sit down with a legal professional to understand how much basic estate planning costs. By getting started on your will and the rest of your estate planning now, you make things easier for your future self.
This information is only intended to educate and should not be interpreted as legal advice.