Three Legal Documents All Parents In Florida Need

Becoming a parent will change every aspect of your life. Not only do you have to provide for your children today, but it is just as critical to protect them from the unexpected of tomorrow. Many parents think they have a lot of time to plan for their children’s future, or they make informal arrangements with other loved ones thinking that is sufficient. Unfortunately, when parents become incapacitated or pass away without proper planning in place, state law, and potentially not their own preferences, will determine what happens to their minor children.

Fortunately, ensuring your children are protected does not require a great deal of complicated paperwork. In fact, there are three essential documents that can provide the protection they need. Below, our St. Petersburg estate planning lawyer explains what these are.

A Last Will and Testament 

One important document a parent needs to create is a Last Will and Testament. A will not only outlines how you want your property distributed after you pass away, but it can also name a guardian for your minor children upon your death. You can only legally name a guardian for your minor children using a will in Florida. Handwritten notes, verbal promises, and separate agreements will not be formally recognized.

Without a will, a judge will determine who acts as guardian for your minor child. Family members may also become involved in a dispute if there is more than one interested party. Using your will to name a guardian provides the court with clear guidance about your preferences and can significantly reduce uncertainty.

A Trust 

In addition to a will, a parent may wish to create a Trust when planning for their children’s inheritance. While a will can be the primary document providing direction on the distribution of your assets, your estate is still subject to probate, meaning there could be greater costs and additional steps before your children receive their inheritance. Moreover, if you have minor children, there are certain restrictions on how much a minor child can legally own or manage inherited assets without having a guardian of the property.

By having a Trust, your assets can pass outside of the probate process, and you have more future planning flexibility for your children to receive their inheritance in a trust rather than outright in their individual name.  The successor Trustee of the Trust can then manage the assets for your minor children and make distributions for their health, education, maintenance, and support.

Designation of Pre-Need Guardian for Minor Children 

While a will can name a guardian for your minor children upon your death,  it does not state who would be their guardian if you became incapacitated.   The court would determine who acts as your children’s guardian if you do not have the proper documents in place.

To prevent this from happening, it is important to execute a Designation of Pre-Need Guardian for Minor Children. This document allows you to name who will care for your minor children, who will make decisions for them, and who will manage their personal and financial needs if you are unable to.

Our Estate Planning Lawyer in St. Petersburg Can Draft Your Documents 

At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can advise on the documents that will protect your family and draft the documents that will give you the peace of mind you need. Call us today at 727-471-5868 or fill out our online form to schedule a consultation and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html