School is out, summer is in full swing and families are vacationing, participating in activities together and making memories. As parents with a young family this is also an excellent time to think about important financial and legal matters, such as creating a Florida estate plan. It is probably not on the top of your summer to-do list, but it should be near the top. It is important for young families to take the time this summer to plan for the future and the well-being of their family. We have some key estate planning tips to share with you.
To start, it is important to name a guardian for your minor children. Why? Because if something happens to both parents, then a designated guardian will take on the responsibility of raising your children. However, if no designated legal guardian was chosen by you, then the courts will decide who will care for your children, which may not follow your wishes. It is vital that parents are proactive and choose a guardian that they trust to care for their children the way they would have.
Creating and establishing a Florida estate plan is the next critical step. When you work with an experienced estate planning attorney, you can work together to create an estate plan that outlines how you want your assets to be distributed and can also include instructions for the care of your children. Your estate plan can provide clear guidance about your wishes, which will help prevent any disputes and make sure that your assets are allocated according to your intentions. Your attorney may also recommend that you consider setting up a trust to manage your assets for the benefit of your children. Be aware that trusts can provide financial support for your children’s education, healthcare, and other needs while protecting their inheritance until they reach adulthood.
Obtaining life insurance is essential for all young families. Life insurance policies can provide financial stability for your family in the event of your untimely death. Life insurance policies can cover living expenses, educational costs, and other financial needs, making sure that your family remains financially secure even if you are no longer there to provide for them.
Additionally, it is vital to create powers of attorney for both financial and healthcare matters. What can these documents do? A financial power of attorney can designate someone to manage your financial affairs if you become incapacitated, while a healthcare power of attorney can appoint someone to make medical decisions on your behalf. These documents will make sure that your financial and medical affairs are handled according to your wishes.
It is alway important to remember to review and update your Florida estate plan on a regular basis. Because circumstances in life change, especially when you have young children, then your estate plan must reflect these changes to stay timely and vital. These changes can range from a new addition to the family, to a significant change in assets, to moving to a completely new state. The important point is to keep your estate plan current and thus ensure that it remains effective and relevant. When you choose to work with an experienced Florida estate planning attorney you can also have the legal team you need to protect what you love most. Your attorney can provide advice tailored to your situation and help you maneuver through the complexities of estate planning and make sure that your documents are both legally sound and made to fit your family’s needs.
Remember, you are not alone in this journey. 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. We encourage you to contact us to schedule a meeting.