Even if you are not rich, married, or have children, you still need to spell out your wishes in case you cannot make medical decisions for yourself or you pass away. Estate planning is not just for the elderly. In fact, it is never too early to create a basic plan that can benefit your loved ones. Simply having a plan in place can save your family and friends from spending excessive amounts of time and money fighting over your wishes in court or during a medical crisis.
What Is Estate Planning?
Estate planning is the process of making plans in advance regarding what should happen to you and your things if you can no longer make decisions on your own or if you pass away.
The Estate Planning Documents You Should Consider as a Young Adult
As a young adult, there are certain estate planning documents that are critical to have, especially in case something happens to you. They include the following:
A Durable Power of Attorney
A durable power of attorney provides an individual of your choosing the power to manage your financial and legal affairs, as well as authorize medical care. This includes consent to proceed or terminate all surgical procedures and other medical treatments on your behalf.
A Living Will
A living will is a statement that indicates the type of medical treatments an individual wants in the event they become unable to make their own decisions. This document can also help inform loved ones about the care you wish to receive if you become incapacitated.
However, a health care professional will only follow the directions in the living will when an individual lacks the capacity to make their own decisions regarding their medical care treatment.
HIPAA Authorization To Disclose
The Health Insurance Portability and Accountability Act (HIPAA) prohibits the use and disclosure of health information without written permission from the patient. As a result, it is important that individuals obtain HIPAA authorization that permits a medical care provider to disclose medical information to specific individuals and organizations.
Why Do Young Adults Need These Estate Planning Documents
Although estate plans may not be at the top of your “to-do” list as a young adult, having these documents in place is essential. This is because these plans are about more than just planning for what will happen after you pass away. It also gives your loved ones the authority to handle your affairs if you cannot do so.
These estate plans can also help answer critical questions such as:
- What will happen to your pets if something should happen to you?
- Who should make decisions regarding your care if you become incapacitated?
- What will happen to your money and other assets after you pass away?
Contact The CYA Law Firm To Learn More About Estate Planning as a Young Adult in Florida.
If you need assistance with estate planning in Florida or want further information regarding the process, contact The CYA Law Firm to schedule your free consultation with Attorney Adalbert “AL” Martinez today.