While most Florida residents understand that it’s important to create a will and handle other estate planning activities, many delay taking action. However, the urge to be prepared often arises when estate owners have children. If both parents’ lives were to end suddenly or unexpectedly, the child will need to be cared for. Estate planning offers many tools that can be helpful in this goal. Furthermore, the process can actually be accessible for families of all means.
There are a number of ways in which developing an estate plan can help parents provide for their children. Obviously, wills can help parents lay out how their assets will be allocated. In addition, trusts can help parents pass on wealth to minor children while ensuring that they will be protected for years to come. In a will, parents can also name a suggested guardian should they both pass away, a designation that will need to be confirmed by the courts.
Classic estate planning tools and documents can be critical for parents of minor children. However, it may also be wise to consider unique documents that are constructed especially for emergency situations. Parents could lay out actions to be taken in case of a sudden death, make clear the plan to pass on funds for the children and direct care for the kids in the short term.
This kind of document can help prevent further trauma for children already suffering through a difficult time. An estate planning lawyer can help clients create key estate documents like wills, trusts and powers of attorney.