How Good Estate Planning Can Impact Your Child’s Future

How-Good-Estate-Planning-Can-Impact-Your-Childs-Future

Do you have children? Are you still going to baseball, ballet or piano practice with your children? Or, are your children grown and married, and you are now enjoying your grandchildren? As you reflect on your children, you know that you strive to provide for their every need and work hard to provide for them both financially and support them in reaching their goals. With everything you have done, though, have you created an estate plan to positively impact their future if something should happen to you?

Your children, whether they are minors or adults, rely on you, and as a parent you need to plan for the future to protect them from the unexpected. You can actively provide for your children on a daily basis, but what will they need to protect them in the future if you are not here? This is why you need to plan now.

So, where do you start? You start by creating an estate plan. We would like to share a few ideas you can use right here in our blog.

1. The need for a good estate plan. There is a lot to think about and decide when you are working on a good estate plan. We recommend you work with an experienced Florida estate planning attorney. He will be able to guide you through the process to be sure that both your lifetime and end of life wishes are addressed. For example, if you are in a car accident, who will pay the bills? Or authorize emergency surgery? Or manage your small business? Not only can your estate planning attorney help you to answer these questions, but he will be sure that you have the legal documents in place that you will need to authorize your intentions.

2. The need for a plan for your minor children. If you were in a fatal car accident, how would you want your minor children provided for? Who would be in charge of their person as well as the monies you may leave to them? If you are married, are you and your spouse in alignment on this decision? It is critical to start answering these questions before a crisis arises.

3. The need for a plan for issues that arise when your children are adults. Your estate plan for your minor children will deal with issues such as custody and money management, should you pass away. However, there are issues you and your adult children may face, and they are no less complicated. Have you thought about how you want your legacy to continue on with your adult children after you are no longer here? Again, your experienced Florida estate planning attorney will work with you to address key issues such as whether future grandchildren should be included or not, as well as build protections should your adult child suddenly become disabled or go through divorce or bankruptcy.

4. The need to limit the potential for conflict. A good and strong estate plan can help avoid conflict within your family, and that is a very good thing. There is no question that a well-written and properly executed estate plan can reduce a number of potential challenges and confusion that could otherwise arise.

5. The need to work with an experienced Florida estate planning attorney. There is absolutely no substitute for experience and knowledge in this area of the law. Just simply creating a form is no way to protect your children or your legacy. By working with an experienced Florida estate planning attorney, he will be able to guide you to reach the solutions you want for yourself and for your children.

We know this article may raise more questions than it answers. Let us help you create a solid, comprehensive Florida estate plan for a positive impact on your children, regardless of their age.

Planning for the future is critical to ensure that your immediate and future goals for your life are achieved. Our estate planning law firm takes a very different approach from what you might have come to expect. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. Please contact our offices in Stuart and in Palm City to learn more.