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Estate planning changes when a minor child becomes an adult

On Behalf of | Mar 22, 2024 | Estate Planning | 0 comments

It can be a time of celebration when your child reaches adulthood. It is also a time for some business.

For instance, you should review estate planning documents to ensure they reflect the new circumstances. You can also help your child with their own estate planning considerations.

1. Guardianship considerations

When your child reaches the age of majority, 18 in Florida, they gain legal autonomy. This shift may necessitate reevaluating your choice of guardianship. While your child may no longer require a legal guardian, they should consider who will act as their advocate in the event of incapacity or emergency. Explain to your child what types of estate planning they can do even as a young adult.

2. Health care directives

Ensure your child has a durable power of attorney for health care. This allows someone they trust to make medical decisions on their behalf if they are unable to do so. Additionally, encourage discussions about their health care wishes and values to inform these decisions.

3. Financial management

As your child gains financial independence, there are a few possible considerations. Think about establishing trusts or other mechanisms to manage and protect their inheritance. Educate your child about responsible financial management and the importance of budgeting, saving and investing for their future.

4. Digital estate planning

In today’s digital age, consider your child’s digital assets and online presence. Encourage them to include a plan for managing and accessing their digital accounts, including social media, email and online financial accounts, in the event of incapacity or death.

5. Legal documents

Ensure your child has legal documents, such as a will, power of attorney and health care directives. These documents empower them to make informed decisions and designate trusted individuals to act on their behalf when necessary.

By addressing these key areas, you can help ensure your child’s well-being as they embark on their journey into adulthood.