How Poor Florida Estate Planning Can Hurt You And Your Child’s Future
Do you have a family? Do you work hard for your family to provide for their needs? Together as a family do you enjoy traveling, attending sports events, helping with homework and just being together? As you work hard to provide for your children each and every day, how about any planning for their future? Is their future secure? Your children, whether they are minors or adults, rely on you and it is important that as a parent you plan now to protect them from the unexpected. Unfortunately, research tells us that less than half of all Americans have an estate plan. An estate plan will prepare and help your children in a future where you may not be there for them.
How do you start creating a good Florida estate plan? What do you need to do? We would like to share a few ideas you can use right here in our blog.
1. Begin by creating an estate plan. Easy? Not exactly. You need to take some time to think about what you want from your estate plan. We recommend you work with an experienced Florida estate planning attorney. He will be able to guide you through the process to be sure that both your lifetime, your end of life and your legacy wishes are addressed. For example, if you were suddenly disabled due to an accident, who would pay your bills? Or authorize emergency surgery? Or be in charge of your children? Not only can your estate planning attorney help you answer these questions but he will be sure you have the legal documents in place that you will need to authorize your intentions.
2. What are your plans for your minor children? What would you want for your minor children should something happen to you? Your estate plan for your minor children will deal with issues such as who you choose to have custody of them and who you choose to manage their money should you pass away. These are thought provoking issues you need to address and have in your estate plan. Also, if you are married, are you and your spouse in agreement on this decision? Again, it is vital to start answering these questions now, before a crisis arises.
3. Will there be any issues that arise when your child is an adult? Without any planning, there could be. Do you want your legacy to continue on in your adult children after you are no longer here? Your experienced Florida estate planning attorney will work with you to address key issues such as how future grandchildren could be included or not be included. In addition, your estate plan can build protections in case your adult child suddenly becomes disabled or goes through divorce or bankruptcy.
4. Is it really necessary to work with a Florida estate planning attorney experienced in this area of the law? Absolutely! There is no substitute for experience and knowledge in this area. We are aware that you could simply create a form, but that is not the way to protect your children. You need to work with an experienced Florida attorney who will be able to guide you to reach the solutions you want for yourself and for your children.
We know this article may raise more questions than it answers. Let us help you plan forward for your children, regardless of their age, and you. When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 40 years, focusing in the areas of Tampa estate planning and family law. We encourage you to contact us and schedule a meeting with us.