Have you and your spouse recently celebrated the birth of your child? You are now learning that the birth of your child is a life-changing event that brings new responsibilities and considerations for you and your spouse. We are well aware that you, as parents, have so much to do, but it is so very important that updating your Florida estate plan be at the top of your to-do list. You need to be sure that your new addition to your family is provided for and protected from uncertainty.
Wondering where to begin? This may depend on whether you will be creating an estate plan for the first time or amending an existing estate plan. Whether you are creating or updating your existing Florida estate plan it is crucial to reach out to your experienced Florida estate planning attorney to obtain his guidance on what you need to do. We would like to share a few important estate planning topics for you to consider when it comes to why creating or updating your Florida estate plan after the birth of your child is so very important.
1. With the birth of your child, their person needs to be provided for. As new parents, one of the most critical aspects of creating or updating your Florida estate plan is designating a guardian for your child in the event that either you or you and your spouse pass away or become incapacitated. This ensures that your child will be cared for by someone you trust and who shares your values. If you do not choose a designated guardian, there may be infighting within your family and the Florida court may have to decide who will assume this role, which may not align with your preferences.
2. With the birth of your child, their financial future needs to be provided. Creating or updating your Florida estate plan allows you to provide for the financial needs of your child in the event of the incapacity or death of you or you and your spouse. You can establish a trust, designate beneficiaries, and determine how your assets should be managed and distributed for the benefit of your child. This also includes considering life insurance policies, savings, and investments that can contribute to their long-term financial security. Most importantly, you can work with your experienced Florida estate planning attorney to create a legacy for your child that will teach them about you, your values, and what you want to impart to them in the future.
3. With the birth of your child, you need to designate a trustee as soon as possible. While your child is a minor, you can appoint a trustee to manage their assets until they reach a certain age or milestone. This ensures that their inheritance or assets are safeguarded and managed responsibly until they are mature enough to handle them. This role, if it is a part of your overall legacy goals, can continue well into the future to provide protection for your child.
4. With the birth of your child, you need to choose someone you trust to make healthcare decisions. By creating or updating your Florida estate plan you can designate someone to make healthcare decisions on behalf of your child in case you or your spouse are unable to do so. This includes providing instructions regarding medical treatments, therapies, and end-of-life decisions. It is important to appoint someone who understands the medical needs of your child and can advocate for their best interests.
5. With the birth of your child, you need to be sure to include education and special needs planning. If you have specific goals or wishes for the education of your child or if your child may have special needs, creating or updating your Florida estate plan to create this part of your legacy enables you to incorporate provisions that address these needs. This may include funding a college education, creating a special needs trust, or setting aside resources for specialized therapies or services.
You need to remember that updating your Florida estate plan after the birth of your child should be seen as an ongoing process. As your child grows, your family dynamics may change, and your priorities may shift. Regularly reviewing and updating your Florida estate plan with your experienced Florida estate planning attorney allows you to make the necessary adjustments to ensure that the needs of your child are met and your wishes are reflected accurately. Your attorney will be able to help you navigate the legal requirements, address specific concerns, and ensure that your estate plan is comprehensive and tailored to the unique needs of your family. By taking the necessary steps to update your Florida estate plan, you can provide for the future of your child and have peace of mind knowing that their well-being is protected.
We know this article may raise more questions that it answers. We do telephone, computer, and face-to-face appointments. Our face-to-face appointments are held outside in the open air (frequently selected by clients for document signing) and inside our office conference room. We follow all CDC guidelines. Our office procedures adhere to COVID-19 safety protocols and are designed and enhanced by medical review and air quality engineering.