Young people are often young and have very little savings. They may not have any financial support. Here are four reasons why estate management is important.

ESTATE STRATEGIES: THEY’RE MORE THAN JUST FOR THE ELDERLY

  1. A will is necessary if you don’t have much to leave behind. It’s not only about transferring assets. You can also use it to name someone who will manage your social media accounts after you die or inherit any items that you have accumulated such as collectibles and your car.
  2. Don’t make others pay for your burial costs.
  3. A medical directive is an important document that outlines your wishes regarding end-of-life care. A medical directive can be used to provide instructions regarding the care you would like in the event of an unforeseen accident.
  4. Make a durable power of attorney for your health care. This gives you the legal right to designate someone to act in your place as your health care proxy.

You can have a medical directive or a health care durable power to ensure you receive the care you want. They can prevent family conflict in the case of divergent opinions.

Although many young adults have multiple financial goals that exceed their current earnings, it is possible to take small steps towards achieving these important planning steps.

This material does not constitute legal or tax advice. This information may not be used to avoid federal tax penalties. For specific information about your situation, please consult a tax professional or a lawyer.

This post was written by All Seasons Wealth. At All Seasons Wealth, we provide expert advice and emphasize the importance of creating in-house portfolios to personalize your strategy for asset management, financial planning, and cash management. We utilize research and perform market analysis to provide you with a Financial Advisor In St Petersburg FL. No matter your needs, we can work with you to develop a consulting solution tailored to you.

Any opinions are those of All Seasons Wealth and not necessarily those of RJFS or Raymond James. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Past performance may not be indicative of future results.

Leave a Reply

Your email address will not be published.