Essential Steps in Estate Planning for Young Adults in Florida

In Florida, estate planning for young adults is equally nuanced and important. The average 18-year-old has rarely faced the need to make life-altering decisions, yet they find themselves legally autonomous without the guidance of their parents or legal guardians.

Imagine a scenario where a young adult is required to make all legal decisions on their own while never having had to do so in the past.  

For this reason, Florida estate planning for young adults serves to allow for a smooth transition for those moving into early adulthood.

This article explains why estate planning is vital for young adults in Florida and outlines the essential documents that every young adult should have in place.

Why Estate Planning for Young Adults is Important in Florida?

Estate planning is a necessity for all adults – not just the wealthy or elderly.

The process involves the preparation of several documents to assist individuals (for the purposes of this article, young adults) with making decisions or managing their affairs when they are unable to do so themselves or if they are in need of assistance.

Estate planning documents for young adults in Florida not only help ensure that assets are distributed in accordance with a decedent’s wishes in the tragic case of an untimely death but, and more commonly, it allows parents and legal guardians to make medical and/or financial decisions on behalf of these young adults in a time of need. 

Essential Estate Planning Documents for Young Adults in Florida

(1) Last Will and Testament

In Florida, a Will ensures that a person’s assets are passed on as they wish after they die. While a young adult may have limited assets, they typically own bank accounts, personal items, and, probably most importantly for this age group, their social media accounts, all of which may be accounted for in a Will. Additionally, young adults may include instructions related to funeral arrangements and other personal wishes in their Will.

Florida Statute Reference: Florida Statutes § 732.502 outlines the requirements for a valid will, including that it must be in writing and signed by the testator in the presence of two witnesses.

(2) Durable Power of Attorney (DPOA)

This document allows a young adult to appoint an agent, usually a parent or guardian, to make financial decisions on their behalf if they are unable to do so themselves. This helps parents or guardians to assist with their adult child’s financial affairs such as repayment of loans, managing bills and paying rent. It also allows access to bank accounts etc. as needed. While this tool serves an important purpose while a young adult is transitioning into independence, it may be easily revoked or revised when the principal (i.e. the young adult) is fully adapted and can manage their affairs on their own. Or, perhaps, wishes to pass that fiduciary role onto a spouse or significant other.

Florida Statute Reference: Florida Statutes § 709.2109 discusses the durability of a power of attorney, specifying that it remains in effect despite the principal’s incapacity if explicitly stated.

(3) Durable Power of Attorney for Health Care

Similarly to a DPOA, this document affords a young adult’s parents or guardians the authority to make medical decisions on behalf of their young adult children. This document is critical because parents’ and guardians’ rights are significantly lessened when a child reaches 18. However, it is important to keep in mind that it may be revoked when the young adult principal no longer wishes for their parent or guardian to serve in that capacity.

Florida Statute Reference: Florida Statutes § 709.2106 provides the framework for a health care power of attorney, including its scope and execution requirements.

(4) Health Care Surrogate Designation

This document is different from the Durable POA for Health Care in that it only becomes effective after a medical professional has determined the young adult principal’s incapacity to make medical decisions on his/her own.

Florida Statute Reference: Florida Statutes § 765.202 details the execution and authority of a health care surrogate.

(5) Declaration of Living Will

This very important document allows a young adult to specify their wishes regarding medical treatment in cases of terminal illness, end-stage conditions or persistent vegetative states. Given the difficult decisions any parent or guardian would face in such situations, having such a declaration is very helpful to both medical providers and family members.

Florida Statute Reference: Florida Statutes § 765.302 outlines the requirements for a valid living will.

(6) HIPAA Authorization and FERPA Release Forms

Both these documents are related to the protection of privacy of a young adult patient or student. The HIPAA Authorization form allows parents or guardians to access their young adult child’s medical records and communicate with healthcare professionals. Similarly, the Family Educational Rights and Privacy Act protects the privacy of educational records of young adults.

Florida Statute Reference: While HIPAA is a federal law, Florida Statutes § 456.057 provides additional guidance on medical record confidentiality and patient access.

Privacy versus Protection

While these documents ensure necessary access in cases of emergencies, they must not be abused. The autonomy, privacy and independence of the young adult must remain paramount and the focus of these estate planning efforts.

Steps to take when creating an Estate Plan for Your Adults

1. Consult with an Estate Planning Attorney

Any young adult seeking to create an estate plan in Florida should consult with an estate planning attorney. It is important for them to be comfortable with this individual and be assured that they are the client, not their parent or guardian.An estate planning attorney can provide guidance tailored to the young adult’s needs and ensure all documents are correctly executed and legally sound.

An estate planning attorney who regularly counsels young adults will be able to explain the importance of establishing an estate plan as a young adultand how to best protect their young adult client’s interests. They will ensure that the young adult’s wishes are respected while properly accounting for emergency situations.

2. Draft, Review and Execute the Documents

Work with your attorney to draft, review and execute the following essential documents:

• Last Will and Testament
• Durable Power of Attorney
• Durable Power of Attorney for Health Care
• Health Care Surrogate Designation
• Declaration of Living Will
• HIPAA Authorization
• FERPA Release Form

3. Store Documents Safely

Documents should always be stored in a safe and accessible place.

In certain circumstances, it would be beneficial for young adults to provide copies to their parents or guardians, who would most likely be their appointed agents, and inform them of their fiduciary duties.

Conclusions on Estate Planning for Young Adults in Florida

Estate planning for young adults in Florida is an important step towards protecting their autonomy while planning for emergencies.

It also serves as a crucial stepping stone during their transition into adulthood and independence.

To learn how estate planning for young adults can provide peace of mind and security for the entire family, it is best to speak to an estate planning attorney who understands the nuance of counseling this demographic.

Contact us to learn how we can assist.