Do you have children? Have you thought about what you need to do to protect them now and in the future? Whether your children are minors or adults, as a parent you want to protect them from the unexpected both now and in the future. However, are you aware that research tells us that less than half of all Americans have an estate plan? Without good estate planning, that anticipates a future situation where you may not be there to support your child, his or her future could be impacted.
So, how can you be sure that the provisions that you provide your child now will continue into your child’s future, even if something were to happen to you? What should you do? How do you even begin? We believe that the answers you are seeking begin with a good and comprehensive Florida estate plan. We would like to share a few ideas you can use right here in our blog.
1. Make the creation of a comprehensive Florida estate plan a priority. Creating a Florida estate plan is not easy. It will require you to think about what you want for your legacy, your spouse, your minor or adult children, your business, yourself if you become incapacitated and any long-term care planning. We highly recommend that you work with an experienced Florida estate planning attorney. He will be able to guide you through the process to ensure that all the issues mentioned above are addressed. He will be sure that you have all the legal documents in place that you will need to authorize your intentions for both now and when you pass away.
2. As a parent of a minor child, be sure your minor child is protected both now and in the future. Have you thought about what would happen to your minor child if you were suddenly incapacitated due to an accident or illness or if you died? Who would be in charge of your child’s person, as well as the monies you may leave to your child? It is critical that you start answering these questions now before a crisis arises.
3. As a parent of an adult child you need to address the issues that will arise for your adult child when you pass away. For instance, how do you want your legacy to continue on with your adult child after you are no longer here? By working with your experienced Florida estate planning attorney you can address key issues. For example, one issue may be whether to include future grandchildren in your estate. Another issue may be to think about whether protections should be put in place in your estate plan in case your adult child suddenly becomes disabled or goes through divorce or bankruptcy.
4. Your comprehensive Florida estate plan should limit the potential for conflict. By having a strong Florida estate plan you can help family members avoid conflict if you become incapacitated or you pass away. There is no question that a well written and correctly executed Florida estate plan can reduce a number of potential challenges and confusion that could otherwise arise.
5. We cannot recommend enough the importance of working with a good Florida estate planning attorney. Estate planning is a unique area of the law and there is simply no substitute for experienced legal knowledge in this area. Perhaps you could simply create a form, but that is no way to legally protect your child if you are incapacitated or have passed away. When you work with your experienced Florida estate planning attorney, he will be able to guide you to reach the solutions you want for yourself and for your child.
We know you may have questions about this, and many other, issues. At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.