An overview of estate planning for young adults

| Mar 1, 2021 | Estate Planning

If you’re a younger person in Florida just starting your adult life, estate planning is not likely to be something on the proverbial front burner. While there are some estate planning issues that may not need to be immediately addressed, dealing with issues related to health care and incapacity should be confronted.

Durable power of attorney for health care

A young adult, including any person in college, is wise to create what is known as a durable power of attorney for health care. In the state of Florida, this document consists of two elements.

First, it designates a person who is to make health care or medical decisions when you are incapable of doing so yourself. Second, this instrument delineates what types of extraordinary steps can and cannot be taken to preserve your life when the absence of these exceptional measures would result in your death in the natural course of events.

Financial durable power of attorney

A young person can also create what is known as a financial durable power of attorney. This instrument authorizes a trusted person to make financial decisions on your behalf should you become incapacitated and unable to do so yourself.

Standard forms or legal assistance

In Florida, there are standard form options for the durable power of attorney for health care. With that said, you can also engage a qualified estate attorney to assist you in preparing this type of instrument. Often, an attorney will charge a minimal fee for drafting these documents.

End of life issues understandably should be far from a young adult’s mind. Nonetheless, once reaching adulthood, a person is never too young to ensure that some basic tasks are addressed. These include a durable power of attorney for health care and a durable power of attorney for finances.