Estate Planning for Young Adults

As your children hit the big 1-8, it is a big deal—they are officially adults! As a parent, you will always view your children as your babies. However, legally, things change. You have been the one making the decisions about their money and health since they were born. However, once they hit 18, a lot of those responsibilities become theirs, and your role as their legal guardian comes to an end.

This realization prompts the question: Should you start thinking about estate planning for your college-bound children? While they may not possess substantial assets yet, there are crucial documents they should have in place.

This document, known as a Health Care Surrogate Designation in Florida, grants you access to your child’s medical records and allows you to make medical decisions on their behalf if they are unable to do so. Without it, hospitals may refuse to disclose information due to HIPAA regulations.

For example, imagine your child is in the hospital after an accident and you are trying to get updates on their condition over the phone. If your child has created a Health Care Surrogate Designation with HIPPA Release, you would have the legal authority to obtain information and make decisions about their care. Without this document, hospitals will leave you in the dark about your child’s well-being. Your child can choose to activate this designation only in the event of incapacity or immediately, depending on their preferences.

A Durable Power of Attorney allows you to legally act as your child’s agent in various financial matters, including banking, bill payment, and contract signing.

For instance, imagine your child is studying abroad and needs someone to manage their finances back home. With a Durable Power of Attorney, you can access their checking and savings accounts, ensuring bills are paid on time and financial matters are handled responsibly. In an emergency or unexpected circumstance, having this document ensures that you can step in to protect your child’s financial interests without delay.

Without these documents, navigating critical decisions during a medical or financial crisis can become overwhelming and might require legal intervention. However, by proactively securing these essentials beforehand, you’ll be well-prepared to handle unforeseen circumstances efficiently and quickly.

While contemplating such scenarios may be unsettling, it’s essential to acknowledge the risks associated with newfound freedom. Proactive estate planning with an experienced estate attorney lets you respond swiftly and decisively if needed, avoiding added stress and expenses associated with court proceedings.

Planning for your college student’s future isn’t just about safeguarding assets—it’s about ensuring their well-being and your peace of mind. Don’t wait for a crisis to strike; take proactive steps now to protect your child and your family’s interests. If your child has reached adulthood, there’s no better time to initiate these crucial conversations and begin the estate planning process.

At SJF Law Group, our estate attorneys understand the importance of estate planning for young adults and their families. Our Fort Lauderdale estate planning attorneys provide tailored solutions for young adults entering college’s unique needs and concerns.

When you work with our estate planning attorneys, you ensure your children have the necessary protections for everyone’s peace of mind. Our estate planning package for young adults is priced at $850 and includes a Health Care Surrogate Designation and a Durable Power of Attorney.

Our trusted estate and probate lawyers serve families in the vibrant communities of Plantation, Fort Lauderdale, Boca Raton, West Palm Beach, and Miami, FL. We are pleased to offer the options of both in-person and virtual appointments throughout Florida to make our services accessible no matter where you are located.

Our estate attorneys are ready to help you with your estate planning documents. To get started, please call our law firm at 954-953-1720 or fill out our contact form. We take pride in responding to all inquiries promptly.