The school year has ended and summer is in full swing. Is your family, like many families with children, planning vacations, activities and outings together? Are you just enjoying time together and freedom from the schedules of school? However, in the midst of the busy summer this might be a good time to think about important financial and legal matters, such as estate planning. Even though it is probably not on the top of your summer to-do list, estate planning is vital for young families. Why? Because an estate plan will ensure the well-being and security of your loved ones. There are hidden dangers in delaying your estate plan when you have minor children and we want to share them with you and how to avoid them.
First, you want to avoid the danger of your children not having a guardian if something happened to both you and your spouse. It is necessary to name guardians for your minor children as soon as possible. To repeat, in the event that something happens to both parents, a designated guardian of your choosing will take on the responsibility of raising your children. Without this legal designation, the courts will decide who will care for your children, which may not align with your wishes. Being proactive and choosing a guardian ensures that your children are cared for by someone you trust.
Next, you want to avoid the danger of not having a Florida estate plan. We highly recommend that you work with an experienced Florida estate planning attorney. Together you and your attorney can create an estate plan that outlines how your assets will be distributed and will include instructions for the care of your children. Your estate plan can provide clear direction on your wishes, helping to prevent disputes among family members and ensure that your assets are allocated according to your intentions. Your attorney may also suggest that you set 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.
Were you aware that not having life insurance is a hidden danger for young families? Life insurance policies can provide financial stability for your family in the event of your untimely death. These policies can cover living expenses, educational costs, and other financial needs, ensuring that your family remains financially secure even if you are no longer there to provide for them.
In addition, not creating powers of attorney for both financial and healthcare matters is a hidden danger for young families. Why? Because a financial power of attorney designates someone to manage your financial affairs if you become incapacitated, while a healthcare power of attorney appoints someone to make medical decisions on your behalf. These documents ensure that your financial and medical affairs are handled according to your wishes.
Finally, it is important to regularly review and update your Florida estate plan with your estate planning attorney. As everyone would agree, life circumstances change, especially when you have young children, and your estate plan should reflect these changes. There may be a new baby, a major change in assets, or a move to a new location and thus keeping your estate plan current ensures it remains effective and relevant. When you work with an experienced Florida estate planning attorney you can have the legal team you need to protect what you love most. Your attorney can provide personalized advice and help you work through the complexities of estate planning and ensure that your documents are both legally sound and tailored to your family’s needs.
We know this article may raise more questions than it answers. At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.