The best answer is short and simple: It is never too late to begin estate planning. Doing so provides valuable benefits regardless of your age and condition.
That said, the earlier you create an estate plan, the more protection you obtain. You can always modify it as needed to accommodate changes in your life, such as deaths, marriages, new children, changes in wealth, etc. If you’re new to estate planning, start with the basics discussed below:
Your final will
The backbone of every estate plan is the will. A will allows you to pass assets like real estate, bank accounts and sentimental items to your loved ones. Without a will, it may be up to the court to distribute your assets after death.
Financial power of attorney
If you should suffer an injury or illness that leads to incapacitation (temporary or permanent), who will take care of your financial affairs? You probably assume a relative will step up, but they must have your authorization to make transactions for you and with your money. With a financial power of attorney, you can authorize an agent to act on your behalf.
Advance directives
On a similar note, have you decided what forms of medical care you want in the case of incapacity? You probably told a relative about your wishes, but again, a lack of authorization could cause problems. Advance healthcare directives allow you to name someone to make medical decisions for you when you cannot. It also empowers you to refuse or accept specific treatments.
Since each state has laws about estate planning and its components, consider learning more about these issues. Such knowledge ensures your estate plan conforms to Florida law.