Graduation is a special occasion that is full of emotions for the graduating class as well as their families. Teenagers are becoming young adults and as parents, we worry about whether we gave our children the sufficient tools to step into the real world. You might have taught them how to use a bank account, balance a checkbook, and use credit cards responsibly, but as parents you are never really sure if you have done enough. However, there is no need to worry if we plan ahead and take an extra step to create an estate plan that will ensure they are as protected as possible. Once this plan is in place, you can relax with the knowledge that you have a sound financial and medical back-up plan that will safeguard your child from the unexpected times in life that could derail his or her educational future.  In Florida, there are certain standard legal documents that should be prepared by a professional estate-planning attorney who is familiar with the goals you wish to accomplish for your family.

For example, the designation of a healthcare surrogate authorizes you to get information from a hospital or a doctor about your child. You will not be able to get this information once your child is 18 years old unless you have a document giving you permission to access the information. Additionally, your child may be unconscious and unable to give permission. Florida’s HIPPA laws prevent the dissemination of medical information to others unless there are written directives authorizing the permission.

You will also want to prepare a durable power of attorney. This agreement will allow you to control your child’s financial needs. A power of attorney will allow you to handle your child’s affairs even though he or she is considered to be a legal adult. Most importantly, a durable power of attorney can be drafted to allow you to access your child’s bank account in case you need to pay your child’s bills, restrict her spending, or add to her account.

Seeing your kid go off to college can be as exciting as it is nerve-racking but planning ahead will give you some peace of mind.  Make a resolution to sit down with an estate planning attorney and create a plan that will meet your current needs while giving your children a truly meaningful gift: financial security for their future.

It’s a Wild world. Are you protected?SM

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.