As a baby boomer, you take pride in your generation. From establishing strong communities and remaining reliable, the generation of an estimated 76 million is still prevailing. However, as the times change, adapting can be hard. Whether you can’t get behind the QR code menus at restaurants or struggle to navigate the influx of streaming services, change is unfortunately imminent. As such, something you may not have considered is your estate plan. Unfortunately, as a boomer estate planning is critical. If you’re unsure why this is important or what information you need to consider including in your estate plan, keep reading. The following blog explores what you should know and why connecting with Tampa estate planning lawyers is critical if you need a plan.
Why Is Estate Planning Important for Baby Boomers?
As a baby boomer, you may find that much of your adult life has centered around taking care of your children and your elderly parents. As such, you may not have had time to establish an estate plan as it can be overwhelming to dedicate time to this process. However, it’s important to understand what happens when you do not have a plan in place. If you pass away with no estate plan or will, you’ll find that your estate will be handled by Florida. As such, your assets are subject to division under the Florida intestate line of succession, meaning assets will be distributed according to a predetermined list rather than your wishes.
Planning your estate is critical. If you already have a plan in place, it’s important to review it to ensure it reflects your current circumstances. For example, you may have terms regarding childcare for your children who are now adults. As such, you can update it to amend certain sections or change how assets are handled for your adult children.
In addition to establishing a will, you should consider creating a living will and medical power of attorney. A living will explains your healthcare wishes in the event you become incapacitated or unable to communicate what care you would like, while a medical power of attorney grants someone the ability to act on your behalf and make medical decisions for you.
Can I Create My Own Plan?
If you are ready to create an estate plan, you may wonder if you should rely on one of the many “DIY” options online. While this may seem like a quicker and cheaper way to handle this important process, it can cost you in the long run. Unfortunately, these “do it yourself” kits are often riddled with errors due to the fact they are not state-specific. Similarly, without in-depth understanding of estate law, you may make errors that invalidate parts or all of your plan, putting your assets and beneficiaries at risk.
Estate planning is not something you should continue delaying as you grow older. At Tampa Law Group, we understand baby boomers have it busy. That’s why we will do everything possible to help you navigate this process with as much ease as possible. Contact our team today to learn how we can help you achieve peace of mind for the future.
