Things for Florida parents to consider when drafting a will
Drafting a will is often seen as an older person’s chore, not something those in their 20’s or even 30’s need to worry about. This myth is built around the logic that not only do young people have a long time to live, but also because of the common reality that younger adults do not have much in terms of assets to divvy up any way.
While many young professionals often get away with ignoring a will until later in life, there is one situation that should mandate the construction of an immediate estate plan. All parents in Florida, no matter if the kids are 18-months-old or 18-years-old, should have legal documents in place for the benefit of their children.
Any time someone has a baby, they should begin by considering who they would appoint as a guardian in the unlikely event they are unable to care for the child. While there are rules in place to appoint such a person, seizing control of this determination is possible via a will.
In addition to identifying a guardian, parents should also consider how funds, which may grow significantly during parenthood, should be allocated to best protect their children. For instance, some families have children nearing adulthood while their younger siblings are still in diapers. In the event something happens to the parents, the older kids and the younger child will have drastically different needs. Parents must know they can customize a will to this or any situation.
Parents will likely look for more information in order to find a plan that meets their needs. Protecting family members financially and caring for children after death are often the primary goals of estate plans.
Source: The Palm Beach Post, “Inheritance for youngest child need not be equal to that of much older children,” Joseph Karp, June 12, 2014