How a Cohesive Estate Plan Will Help Your Children
Your estate plan doesn’t just help you to plan for your future — it also helps your children in many ways.
The following are just a few ways an estate plan will benefit your kids:
- Protects inheritance: If you pass away before your children are old enough to legally collect their inheritance, you could still have safeguards in place that protect those funds. A trust, for example, can keep your child’s inheritance safe in the hands of a named trustee, who manages and protects it.
- Provides guidance for healthcare decisions: If you become medically incapacitated, it’s important to have instructions for your adult children so they know your wishes in certain scenarios. Otherwise, if one of them is granted healthcare power of attorney, he or she could be left to make a difficult decision and struggle to determine what you would want them to do.
- Names guardians for minor children: Again, if you pass away before your children are legal adults, an estate plan is important toward protecting their livelihood. You may use it to name guardians for your minor children. Most people name trusted siblings or their own parents as guardians. Regardless, you should take the opportunity to name a guardian of your choosing so you do not leave the decision up to the courts.
- Protects a child with disabilities: If you have a child who receives government benefits due to a disability, your estate plan could feature a trust specifically for that child’s benefit. The trust may hold the child’s assets to protect them and ensure he or she continues to receive needed benefits.
To learn more about using your estate plan to protect your children, meet with a knowledgeable Florida estate planning attorney at The Charles Law Offices.