ESTATE PLANNING FOR MINOR CHILDREN
SERVING INDIVIDUALS THROUGHOUT ALL FLORIDA COUNTIES
Experienced Estate Planning Attorney in Florida
Being a parent to minor children is one of life’s greatest privileges. It’s a role filled with love, responsibility, and the drive to give them the best possible future. But with that responsibility comes the need to ensure their care and well-being, even if life takes an unexpected turn. Estate planning is the key to protecting your children and securing their future, no matter what happens.
Two critical decisions for parents
Every parent of minor children faces two fundamental questions when planning their estate:
- Who will care for my children if they are orphaned?
- Who will manage their inheritance responsibly?
If you are separated, divorced, or were never married to your child’s other biological parent, that parent will likely continue as the guardian unless proven unfit by a court. But what if both parents are no longer able to care for the children? This is where careful guardianship planning becomes essential.
Tips for selecting a Guardian
- Align values and priorities: Select someone who shares your faith, values, and life priorities, and who already has a positive relationship with your children
- Plan for contingencies: If you appoint a married family member, designate them individually in case of divorce or if they predecease you.
- Financial readiness: Ensure your plan provides for the guardian’s expenses or specifies that the inheritance will cover the costs of raising your children.
- Obtain consent: Always discuss your plans with the chosen guardian and obtain their agreement before formalizing it.
Choosing a Financial Fiduciary
Beyond selecting a guardian, you’ll need to choose someone to manage your children’s inheritance. A fiduciary is legally responsible for overseeing financial matters and must act with the highest level of care and loyalty. When deciding who to appoint, consider these three trails:
Tough Spot Trail
Beyond selecting a guardian, you’ll need to choose someone to manage your children’s inheritance. A fiduciary is legally responsible for overseeing financial matters and must act with the highest level of care and loyalty. When deciding who to appoint, consider these three trails:
Cold Professional Trail
This trail involves hiring a professional fiduciary, such as a trust company or CPA. The advantage here is expertise—professionals are experienced in managing investments, navigating taxes, and ensuring the inheritance is handled with precision. However, the downside is the lack of personal connection and the added cost of professional fees. The professional approach may feel impersonal, but it guarantees impartial and responsible management.
Teamwork Trail
On this trail, you create a partnership by dividing responsibilities between a trusted family member and a professional fiduciary. The family member focuses on the personal aspects, offering guidance and emotional support, while the professional handles the technical financial tasks. This approach provides balance, ensuring your child’s inheritance is managed efficiently without straining family relationships.
