Why Is Estate Planning So Important For Young Adults?

The 18th birthday of a child is always very exciting. They officially and legally make the transition from being an older child to being a young adult. For many young adults, this is a time to move away from home, obtain a college or university education, and start their own journey of self-discovery. While this is a very busy time in a young adult’s life, one of the most important priorities is to draft an estate plan. Below, our Daytona Beach estate planning lawyer outlines the most important documents to draft at this time.

Health Care Directives 

Up until the day a person turns 18 years old, their parent or guardian can make many decisions for them. Once a child has their 18th birthday, though, this is no longer the case. After a child officially becomes an adult, their parents are unable to access the financial or medical information for the child. When it comes to the health care a person receives, parents cannot automatically make decisions about their child’s care, or even receive certain information if their child is technically an adult.

In other situations, such as if a young adult becomes sick or requires medical treatment from a healthcare facility, parents cannot even contact the facility to receive an update on their child’s condition. To overcome these obstacles, it is important that everyone drafts a Health Care Surrogate Designation.

As a young adult, it can be very frightening to find yourself in the hospital and for the first time, be unable to rely on your parents for guidance. A Health Care Surrogate Designation allows your parents, or anyone else you choose, to communicate with medical professionals and to make important health care decisions on your behalf. These documents can provide an immense sense of relief for you and your parents.

A Power of Attorney 

Even if your parents still have financial responsibility for you, they will no longer be able to communicate about protected information with institutions such as banks, schools, and housing complexes. By drafting a Durable Power of Attorney, you can allow your parent to make financial decisions on your behalf. This document can help whether you become sick or are involved in an accident and are not able to communicate your wishes on your own.

Additionally, while people who are 18 years old are legally considered adults, there are still many financial matters they have never dealt with before. Some young adults feel as though they are in over their head with these issues. A Durable Power of Attorney can give your parents the authority in these situations to speak with financial institutions and other companies on your behalf so your rights are protected.

Our Estate Planning Lawyer in Daytona Beach Can Draft Your Documents 

A Durable Power of Attorney and a health care directive are just two of the most important estate planning documents you need. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can draft them for you and recommend others you may need so your final wishes are upheld. Call us today at 386-252-5170 or contact us online to schedule a consultation and to learn more.

Source:

flsenate.gov/laws/statutes/2010/709.08