Estate Planning for Parents of Young Children

As a young mother, I am often asked about estate planning for other parents of young children. Unfortunately, I often see parents of young children put off estate planning. It either isn’t high on their priority list, or they think because they are young and healthy, estate planning “doesn’t apply to them.” Nothing could be further from the truth. All parents with young children need an estate plan, customized to their needs.

An estate plan for a parents with young children is more than just a will that distributes assets. It also includes a guardian to care for minor children and naming someone to manage any inheritance for the minor children. A properly-done estate plan will also review your insurance needs and plan for disability or incapacity.

Naming a Guardian

If you have minor children and something happens to you, it is expected that the other parent will continue to raise the child(ren). However, if something happens to both parents, who will raise your child(ren)? This is an important subject and a critical part of an estate plan. While this is often a difficult decision, it is an important one to make. If you do not name a guardian, the court will appoint someone. The court does this without knowing your wishes, your children, and your family members.

Distribution of Assets

Of course, the distribution of assets is another important piece of an estate plan. Married spouses typically want the surviving spouse to receive all assets. However, if something happens to both parents, you want to have direction as to how the assets should be used. This can help ensure your child(ren) will be provided for. Complicating this is the fact that young children cannot own property – and even if they could, they would not know how to use it to their benefit.

Managing Your Child(ren)’s Inheritance

Naming someone to manage your child(ren)’s inheritance is also important. If you do not name someone, the court will, and sometimes, that can cost money – money that doesn’t go to your child(ren). Additionally, if you do not make alternative provisions, all assets will be given to your child(ren) when they turn eighteen and become an adult. I’ve found that most parents prefer not to turn over a sum of money to their children upon becoming an adult, but instead direct that it be used for further education, the purchase of real estate, or kept for the children until they are even older.

Jacksonville Estate Planning Attorney

The above list is not exhaustive, but it highlights some of the reasons parents of young children need to consider estate planning. If you are in Florida and are interested in discussing whether a will or trust is right for you, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.