Think You're Too Young For Estate Planning?
Think Again! People often think of estate planning as something to do later in life. However, for adults in their 30s and 40’s, establishing a personalized estate plan is a crucial step toward securing legal and financial protection. From healthcare decisions to digital assets and even pet care, younger adults benefit immensely from planning early and updating that plan as life changes.
Legal Adulthood Brings Legal Responsibility
Once a person turns 18, they are no longer under the legal authority of a parent or guardian. This legal milestone brings both independence and responsibility. Loved ones may not be able to assist in emergencies without the proper instruments in place, such as a Health Care Surrogate Designation or a Durable Power of Attorney.
For example, under Florida law, medical providers cannot release information or allow medical decisions to be made by parents once a child is legally an adult, unless that adult has specifically named someone to act on their behalf. These directives are critical in scenarios involving hospitalizations or temporary incapacity. The same applies to financial matters. Without a Durable Power of Attorney, someone may need to seek guardianship through the court, which is both time-consuming, expensive and emotionally taxing.
Managing Digital Assets, Finances, and Property
Today’s young adults often have financial portfolios and digital property that require careful planning. This includes checking accounts, investment portfolios, cryptocurrency, and monetized online platforms. Even if an estate is modest in size, Florida law provides no automatic pathway for loved ones to access digital assets unless authorization has been specifically granted.
Planning also applies to tangible personal property, such as vehicles, valuable electronics, collections, and yes, even pets. Naming a caregiver and allocating resources for your pets ensures their safety and prevents them from ending up in uncertain hands or, worse, surrendered to a shelter and euthanized.
Planning For Pets and Personal Wishes
Estate planning isn’t only about wealth. It honors your values and relationships. Many young adults live with or care for pets. In Florida, a Pet Trust legally allows individuals to designate a caregiver and earmark funds for ongoing pet care. This is an important part of the plan, particularly for singles or those living apart from immediate family.
Additionally, young adults may have preferences about medical interventions, religious practices, or memorial services. Qualified attorneys can create legal documents that clearly communicate these personal wishes and meet Florida’s stringent legal requirements.
Unexpected Medical Emergencies Can Happen at Any Age
Emergencies don’t discriminate by age. Motor vehicle accidents, mental health crises, or sudden illnesses can leave a person incapacitated, even temporarily. Without a designated Health Care Surrogate or Advance Directive in place, families may need to seek court intervention in order to make decisions on behalf of the incapacitated person.
In Florida, the law does not automatically assume that a spouse, parent, or sibling can act. Rather, without the proper directive, those closest to you may face delays or even be legally blocked from helping. If unmarried and in a long-term relationship, life partners have no legal authority for decision making and are essentially treated as legal strangers.
Who Inherits Without a Plan?
If a person dies without a valid will in Florida, the state’s intestate succession laws dictate how assets are distributed. These laws often cannot reflect the complexities of modern families, unmarried partnerships, or relationships with friends or chosen family members.
For young adults who may not be married or have children, Florida’s statutes could cause assets to be distributed to distant relatives or divided in ways that contradict personal wishes. Without naming a Personal Representative, the court may appoint someone unfamiliar with your priorities to handle your estate.
Even a simple will allows for the naming of a Personal Representative, designation of asset distribution, and nomination of a guardian for minor children or dependent relatives.
Start Early Adjust Often
Estate planning should not be a one-time event; it should be an ongoing process. Instead, it should evolve alongside you. Major life events, such as marriage, divorce, parenthood, homeownership, or launching a business, often necessitate an update to your plan. An early start ensures that illness or accident will never catch you off guard, and gives you peace of mind knowing your wishes will be followed.
Planning early also provides the opportunity to build a relationship with a trusted legal advisor who understands your goals and can guide you through future transitions with confidence.
About The Law Offices of Hoyt & Bryan
Located in Oviedo, Florida and serving clients throughout Central Florida, the Law Offices of Hoyt & Bryan is the area’s leading law firm for estate planning and elder law. Our board-certified attorneys uniquely qualified in Wills, Trusts, and Estates, as well as Elder Law, ensure each client’s plan carefully considers Florida law and their specific needs.
Whether you’re planning for your digital legacy, appointing a healthcare surrogate, or protecting your beloved pets, we’re here to help. We offer monthly educational workshops for individuals, families, and their trusted advisors, providing a welcoming and informative environment to start the planning process.
For more information or to schedule a consultation please contact us at 407-977-8080. We offer complimentary workshops each month on estate planning, Medicare, veteran benefits and more. To start your planning journey today, register of our next workshop: https://hoytbryan.com/workshops-events/.
