Estate planning is often perceived as a matter only for the elderly, but the reality is quite different. In our experience, young people are increasingly finding themselves in need of well-organized estate plans, yet many fail to take the steps required to protect their assets and safeguard their loved ones. From neglecting to create a will to underestimating the importance of legal advice from an estate planning attorney, here are some of the biggest mistakes young people are making with estate planning.

1. Failing to Create a Will

A significant mistake many young individuals make is failing to create a will. According to Legal Zoom, 40% of American adults say they don't have a will because they haven't gotten around to it. This procrastination can result in a lack of control over who inherits their assets or takes care of their dependent children. Failing to prepare a will can lead to unnecessary complications and distress for loved ones left behind.

2. Focusing on Only Finances

Another common error is assuming that estate planning is only about distributing wealth after one's death. Young people often overlook the importance of appointing a healthcare proxy and setting up a power of attorney. These legal documents ensure that someone they trust can make medical and financial decisions on their behalf if they become incapacitated. Without these provisions, critical decisions may be delayed or mishandled, adding stress during already challenging times.

3. Disregarding Expert Advice

Lastly, disregarding professional advice is a frequent oversight among younger individuals. Estate planning involves numerous legal and tax considerations that can be overwhelming. Consulting an estate planning attorney can help navigate these complexities and ensure that all documents are legally sound and tailored to specific needs. While online resources offer a quick fix, they often lack the personalized touch that a professional can provide, increasing the risk of overlooked details or errors.

Estate planning is not just for the elderly; young people need to take it seriously to protect their future and provide peace of mind for themselves and their families. By addressing procrastination, recognizing the broader aspects of estate planning, and seeking professional guidance, young individuals can avoid these common pitfalls. The sooner these steps are taken, the more secure their financial and personal well-being will be.

Are you looking for an estate planning attorney? Here at Knowles, Bouziane & Shaffer Law, LLC, we offer our clients years of experience with estate planning in Florida. Contact us today to schedule your consultation.