This article explains:
- What happens to children when estate planning documents are not in place.
- The importance of a pre-need guardian designation form to your estate planning document for children in FL portfolio.
- Why a trust is nearly as important as a pre-need guardian designation form.
What Happens If I Do Not Have Estate Planning Documents That Clearly Layout Who Will Care For My Children In Florida After My Death?
What will most likely happen in this situation is that while authorities seek a family member to care for your children, they will end up in the foster care system until your relative(s) arrive and the State of Florida has taken what it deems the necessary steps to screen them. This may include a home visit, submission of credit reports, and criminal background checks.
On the other hand, the pre-need guardian designation is a simple form you can complete and execute to keep your children out of the state foster care system.
What Planning Documents Do Florida Parents Need To Protect And Provide For Their Minor Children?
The first estate planning step for children in FL is to designate who will have actual physical custody and day-to-day responsibility for their care. You can designate your choice in a Trust, Will, or pre-need guardian designation form to let the State of Florida know who you trust to care for your children.
In addition to the physical custody of your children, a Trust is strongly recommended to provide financial support to whoever inherits your children. Imagine inheriting another child or multiple children with no additional resources to care for them!! Without a trust for the children, funds you wish to leave for their care may be constantly tied up in a court-supervised guardianship account until they are 18. This can mean appearing before the court and asking the court’s permission each time the child needs money! Then the entire amount of your estate may be dumped on them, even if they are still only in high school.
Every parent needs an Estate Plan that cares for their children. If you travel by car, please remember that, according to the CDC1, Unintentional Injuries or accidents are the number 1 cause of death for people from age 1 to age 44! For more information on Estate Planning Documents For Children In FL, an initial consultation is your next best step.
References
- Data Source: National Vital Statistics System, National Center for Health Statistics, CDC. Produced by: National Center for Injury Prevention and Control, CDC using WISQARS™
- 10 Leading Causes of Death by Age Group, United States – 2018.
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