Have you and your spouse recently celebrated the birth of your first child? As you are probably aware, the birth of your first child has been a life-changing event that has brought new responsibilities and considerations for you and your spouse. As a parent you have so much to do, but it is critical to know that updating your Florida estate plan is a task that should find itself at the top of your to-do list. You need to be sure that the new addition to your family is provided for and protected from uncertainty.
Where should you start? When you are updating your existing Florida estate plan it is critical to reach out to your experienced Florida estate planning attorney to obtain his guidance on what you need now. We do have 3 important ways to update your Florida estate plan for you to review now that you have a new child in your family.
- You need to provide for the person of your child. One of the most critical aspects of 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 will ensure that your child will be cared for by someone you trust and who shares your values. Without a designated guardian, there could be infighting within your family and the Florida court may have to step in and decide who will assume this role, which may not align with your preferences.
- You need to provide for your child’s financial future. Updating your Florida estate plan allows you to provide for your child’s financial needs in the event of your incapacity or death. You can establish a trust, designate beneficiaries, and determine how your assets should be managed and distributed for the benefit of your child. This includes considering life insurance policies, savings, and investments that can contribute to your child’s 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.
- You need to designate a trustee. You can appoint a trustee to manage the assets of your minor child until they reach a certain age or milestone. This will ensure 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 not only your first child but any other children you may have in the future.
Keep in mind, updating your Florida estate plan after the birth of a 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 adjustments as needed to ensure that your child’s needs 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 your family’s unique needs. By taking the necessary steps to update your Florida estate plan, you can provide for your child’s future and have peace of mind knowing that their well-being is protected.
We know this article may raise more questions than it answers. We know you may have questions about this, and many other, issues. At 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.