3 Estate Planning Tools You Can Use To Protect Your Young Children

Even though it may seem unnecessary, planning your children’s estate is almost always a good idea. And, the reason for this is as follows: by planning your children’s estate, you secure a healthy, and abundant, future for them.

Going over the three estate planning tools you can use to protect your young children, and speaking with an estate planning lawyer at Millhorn Elder Law Planning Group will make it easier for you to give your children the future they deserve.

What Is Estate Planning? 

The definition of estate planning is as follows: a process that allows an individual and/or family to arrange the transfer of their assets, in anticipation of their death.

Just as an example, if you have a house that you want to give your sibling, then you can develop an estate plan that allows this house to go to your sibling.

You may be young. But, even so, things can happen and, with proper estate planning, you can protect your children from a variety of unexpected problems. Doing so will help them have a good future, even if you aren’t there. 

What Are The 3 Estate Planning Tools You Can Use To Protect Your Young Children? 

Tool 01: A Healthcare Surrogate 

Just imagine the following situation: your child is hit by a car and needs emergency treatment.

You, as the parent, must consent to this treatment. But, there is one problem: no one can reach you.

If something like the above were to happen, it could be very difficult for your child to receive the treatment they need. This can be avoided, though, with a healthcare surrogate.

By choosing a healthcare surrogate, you give a trusted friend or family member – among many other possibilities – the ability to make medical decisions for your child, in the event that you are unable to do so. 

Tool 02: A Life Insurance Policy 

A life insurance policy is an insurance policy that you can use to give your children financial security, in the event that you pass away.

If you obtain a life insurance policy, do so by designating a trustee – for a trust you establish –  as your beneficiary. This way, when the money goes to your children, it bypasses probate and the “guardianship” requirement.

Even though a life insurance policy is unlikely to be used, unfortunate things do happen. By purchasing a life insurance policy, you guarantee your children’s financial security. 

Tool 03: A Guardian 

If you pass away, your young child will need to be raised by someone else. But, if you haven’t chosen a guardian for them, then they may be placed into the care of someone who is inadequate for the role.

To name the right guardian, you should discuss, with your family and friends, who is adequate for the role. Doing so will make it easier to choose a guardian who, if things were to happen, would be able to raise your young children. 

Speak With A Florida Estate Planning Lawyer Today 

If you need help developing an estate plan, it might be worth contacting a lawyer. Speak with a Florida estate planning lawyer today and we will help you develop an estate that satisfies your needs and wishes.

 Sources: 

law.cornell.edu/wex/estate_planning

floridahospices.org/advanceD/DesigSurrogFAQ.pdf

flcourts.gov/Resources-Services/Office-of-Family-Courts/Family-Court-in-Florida/Guardianship