When a child is born, parents have the automatic desire to provide for that child and care for him or her. In addition to the provision of food and clothing, parents also want to make sure that they provide for their kids in the event that they are no longer around or unable to care for them. This is why it is helpful and important for Florida parents to make changes and adjustments to their estate plans when they have a child.
The essential steps to a complete plan
There is no one-size-fits-all approach to estate planning, and the best way for parents to provide for their kids through their plan depends on their individual goals and objectives. However, most parents will benefit from the protections provided by the following tools:
- A last will and testament – This document outlines preferences for the distribution of estate assets after passing, and it can also name a person to act as a guardian for a minor.
- Living trust – This tool allows a parent to set aside and protect assets for a specific use in the future, such as financial provision for their children.
- Financial power of attorney – This appoints a person to make financial decisions in case of incapacitation, ensuring the children have financial provisions.
Every estate plan is different, and an assessment of individual needs will provide insight into the specific tools that will be beneficial for the situation.
Confidence for the future
With a complete estate plan, a Florida parent can ensure the provision for his or her children. As the future is unpredictable, it is beneficial to take immediate action to complete the planning process. It may be helpful to work with an experienced estate planning attorney to accomplish this goal.