Becoming a parent changes everything. Your world shifts, and suddenly, your main focus is protecting and providing for your child. While many young families think of estate planning as something for later in life, having a plan in place is one of the most important steps you can take to safeguard your family’s future. Estate planning for young families covers more than just distributing assets. It’s about ensuring your children are cared for, your wishes are followed, and your loved ones avoid unnecessary legal hurdles.
At Beller Law, PL, we help families across Northeast Florida put together simple, clear plans that cover the things that matter. We’ll walk you through everything so you understand your options and feel good about your choices.
Why Estate Planning Matters for Young Families
Many young parents assume estate planning is only for the wealthy or elderly, but that couldn’t be further from the truth. Estate planning can be crucial for personal and financial planning for young families. You should have an estate plan if you have children, own a home, or have financial assets. Without one, the State of Florida decides what happens to your assets and, more importantly, who will care for your children if something happens to you.
What Happens to Your Family and Property After You Pass?
After an individual passes, their estate will likely go through probate. Probate is a legal proceeding in which the deceased’s debts are paid off, and their assets are distributed to beneficiaries or heirs. If you have a valid will, the court validates it and oversees asset distribution according to its instructions. For those without a will, probate follows Florida’s intestacy laws.
Should you pass while leaving behind a minor child and no other parent, a Florida court must decide who will take care of your child. You can give the court instructions on your child’s care by designating a guardian in your will.
Essentials of Estate Planning for New Parents
So, what goes into a solid estate plan? The answer depends on your unique needs. However, consider the following estate planning tools and techniques when forming a new family.
Wills
A will is the foundation of many good estate plans. This legal document allows you to:
- Name a guardian for your minor children,
- Specify how to distribute your assets, and
- Appoint an executor to handle your affairs.
Without a will, Florida’s intestacy laws determine how to distribute your assets. Worse, the court will decide who cares for your children, and that person might not be who you would have chosen.
Trusts
A trust allows you to manage and distribute assets to your children in a way that protects their future and keeps them out of probate court. A trust can help with:
- Ensuring funds are used for your child’s education and well-being,
- Setting an age or milestone for when your child can access inheritance, and
- Appointing a trustee to manage the assets responsibly.
Florida law provides flexibility in setting up trusts, allowing you to tailor them to your family’s needs.
Powers of Attorney and Health Care Directives
Estate planning doesn’t only address what happens after death. It also includes planning for when you may become incapacitated from an illness or injury. Establishing a durable power of attorney can allow someone to manage your financial affairs, including paying bills and managing investments if you cannot do so. A healthcare advance directive appoints someone to make healthcare decisions for you if you are unable to communicate your wishes to medical professionals.
Without these legal documents, your loved ones may need to go through a costly and time-consuming guardianship process to obtain the authority to make decisions for you.
Intestate Succession
If you die without a will or trust, your estate will go through intestate succession. Intestate succession laws control the distribution of your assets as follows:
- If you are married with children all from the same spouse, your spouse inherits everything;
- If you have children from a different relationship, your spouse receives half of the estate, and your children inherit equal shares of the other half;
- If you are unmarried but have children, the children inherit everything; and
- If you have no spouse or children, the estate passes to your closest living relatives.
This process may not reflect your wishes and can lead to unintended consequences. We can help you avoid these issues by drafting a comprehensive estate plan.
Changing Your Plans
Life circumstances change, and your estate plan should reflect those changes. When thinking about changes, you may want to think about the following:
- You can update or revoke a will by creating a new will, adding a legally valid codicil (amendment), or physically destroying your will and any copies;
- You can modify or dissolve a revocable trust, power of attorney, or directive before becoming incapacitated; and
- Certain life events, like marriage, divorce, or the birth of a child, may automatically impact your estate plan.
We can regularly review and update your estate plan to ensure all documents reflect your current wishes.
Get Started with Us Today
Estate planning for young families doesn’t have to be gloomy or overwhelming. At Beller Law, PL, we have over 25 years of experience and can simplify estate matters for new parents and spouses. Call us or contact us online today. We can help you secure the future you want.