After the creation of an estate plan, many adults assume that they have done what they need to in order to secure their long-term interests. However, estate planning is a fluid process, and plans should be adjusted over the years when life changes. This is especially true after the birth of a new baby in a Florida family, regardless of whether the pregnancy was planned or not. It is critical to adapt existing plans to new circumstances.
Planning for an unplanned child
Some families are surprised by the birth of a new child after thinking that their families are complete. When there is a significant age gap between children, it may be necessary for families to adjust their long-term plans to account for that. One important step is to review and update beneficiary designations as necessary, as well as update guardian designations for the youngest children.
There are also certain types of trusts that will allow parents to fairly plan for all of their children. Parents of children with large age gaps may also want to update their fiduciary appointments. This could allow all of the children to have a role in supporting their parents in the future.
The unique nature of each estate plan
Estate planning is a unique and personal process. If a Florida family currently has plans, it is in his or her interests to regularly adjust plans as life circumstances change. After the birth of a new child, it may be helpful for a parent to seek an assessment of his or her current plans to determine where changes are necessary.