What Parents Should Know About Estate Planning

What Parents Should Know About Estate Planning

New parents in Florida have much more on their minds than planning their estate. Between baby-proofing their home and vehicle, running between pediatrician appointments, and setting up the crib, there is not much time for parents to start planning for a conversation around estate planning. However, setting up preparations for the future is an important discussion that all parents should have with their spouse or fellow guardian. 

Estate planning is much more than deciding what to do with your assets and debts. If you have questions or concerns about the estate planning process, Patriot Legal Group can help walk you through the process and provide you with experienced legal counsel every step of the way. 

What is Estate Planning?

The basics of estate planning involve the preparation of documents that ensure your wishes are followed if you are unable to manage your own affairs or after you pass away. These documents can ease unnecessary delays or additional expenses for your loved ones as they manage your affairs, and include the following:

  • A will — Manages your assets and names your executor.
  • A living will — Explains your end-of-life wishes and instructions for medical care.  
  • A durable power of attorney — Names an individual who will take care of your finances and assets if you are incapacitated. 
  • Designation of health care surrogate — Names an individual who will take care of your medical wishes if you are incapacitated.

Estate planning can also include the establishment of a living trust, which is an outline of what your beneficiaries will receive that is created while you are alive rather than after your death. Although it can seem overwhelming and challenging for new parents to consider these situations, it is important to establish legal guidelines for how your assets will be handled to ensure that your family is taken care of in the future. 

Florida Estate Planning and Guardianship

While creating their estate plan, many parents are often concerned about ensuring that their children are looked after in the event that they become incapacitated or pass away. This is often a difficult conversation, and it can be frightening to think about the possibility of such unfortunate circumstances, but planning ahead for your children’s guardianship is a necessary step in the process of establishing an estate plan. If a parent does not decide their child’s guardian, it can become a difficult legal battle that places undue stress on their family.

New parents in Florida might be unsure of how to select a guardian for their children or how to begin the process of establishing guardianship at all, and the team of veteran estate planning attorneys at Patriot Legal Group can help.

Financial Security for Your Children through Estate Planning 

One of the most common concerns among parents establishing an estate plan is how they can ensure that their children receive as much financial protection as possible. Setting up trusts is a frequently practiced way for parents to provide support without the potential for mismanagement of funds because it is controlled by a successor trustee selected by the parent.

In the event that there is no trust established for your children, assets and funds could be tied up in probate for six months or more, which can become a difficult and expensive process for your family. The best way to protect your family against this is to speak with an experienced and reliable estate planning attorney who can help you start planning for the future.

Contact a Trusted Estate Planning Attorney in Florida

Estate planning can seem daunting at first, but working with experienced professionals can help ease some of the stress that comes with it. Here at Patriot Legal Group, we have helped hundreds of clients establish essential documents, including wills and trusts, to ensure the safety of their family’s future. When it comes to providing for your loved ones, you can never begin too soon. 

To get started on the estate planning process with qualified and reliable attorneys in Florida, call the office of Patriot Legal Group at (407) 737-7222 or contact us online to schedule an appointment with one of our estate planning professionals today.