Estate Planning And Elder Law Services In Orlando And Beyond

Just become a parent? Make sure you have an estate plan

On Behalf of | Jul 22, 2022 | Estate Planning |

Creating your first estate plan takes on particular urgency if you have kids. As does updating it if you already have one.

Here is why:

Your kids will rely on you

You need to allocate someone to step up and take care of your kids if you were to die before they turn 18. The role is called a guardian, and it would typically fall to the other parent, but it is always possible that you both die at the same time leaving your children parentless.

Minors cannot control what they inherit

Let’s say you die without an estate plan. Maybe you assumed everything would just go to your kids, which is what you would want. The problem is they will not be able to manage their inheritance until they reach the age of majority at 18.

Even that can be too young as few people know how to handle money at that age. You should consider setting up trusts to manage the money for them until they can legally inherit and manage what you leave them.

They will have enough on their plate if you die suddenly

Organizing a funeral and handling probate and other matters can be challenging enough for an adult. Imagine how your kids would feel if you had failed to put an estate plan in place, and they were left wondering how to sort everything out while distraught at your death. Naming an executor passes the responsibility to someone better equipped. If you want to name one of your children as executor, you can always change it when they turn 18.

Creating your first estate plan does not have to be complicated, especially if you secure the correct legal help to guide you.