Have you checked everything off the back-to-school list but forgotten to review the plans that protect your family?
The beginning of a new school year brings a return to routines for families throughout Palm Beach County and South Florida. Calendars fill with school activities, sports, appointments, and work obligations. Parents spend plenty of time making sure children have everything they need, but this season can also be a valuable reminder to consider whether their own Florida estate planning documents still reflect the family’s current life.
Estate planning may not be on the traditional school supply list, but having the appropriate documents in place can help parents prepare for unexpected circumstances and provide greater security for the people who depend on them.
Make Sure Your Will Reflects Your Family Today
Families change quickly, especially when children are young.
A last will and testament that was prepared before the birth of another child, a marriage, a divorce, or another significant family change may no longer reflect your current wishes. Parents should periodically review their wills to ensure the document continues to address their goals.
For parents of minor children, one particularly important consideration is the nomination of a guardian. This allows parents to express whom they would want to care for their children if both parents were unable to do so.
As children grow and circumstances change, parents should reconsider whether previous choices remain appropriate.
Review Who Can Handle Financial Matters
Who would take care of important financial matters if you suddenly could not?
A durable power of attorney allows you to appoint a trusted agent to handle certain financial and legal matters on your behalf. For a parent managing household expenses, financial accounts, property, and the everyday costs of raising a family, having the appropriate authority established in advance can be important.
Parents should review whom they have selected and determine whether that person remains someone they trust to take on this responsibility.
Do Not Overlook Health Care Planning
An unexpected accident or illness can happen regardless of age.
A designation of health care surrogate allows you to choose someone to make health care decisions on your behalf if you are unable to make those decisions yourself. A living will can provide direction concerning certain end-of-life medical decisions.
These documents can give loved ones valuable guidance during circumstances when they might otherwise be left wondering what you would have wanted.
Check Your Beneficiary Designations
Beneficiary designations deserve attention as your family grows and changes.
Retirement accounts, life insurance policies, and certain other assets may pass according to the beneficiary designation on the account. These designations should be reviewed periodically to ensure they remain consistent with your overall estate planning goals.
A beneficiary selected years ago may no longer reflect your wishes. Parents should also discuss with their estate planning attorney how assets intended for minor children should be handled rather than assuming that naming a child directly is always the appropriate solution.
Consider How an Inheritance Would Be Managed for Your Children
Estate planning for parents involves more than deciding who should inherit.
Parents should also consider how an inheritance would be managed if the children are still young when they receive it. Depending on the family’s circumstances and goals, a trust may be used to provide instructions for the management and distribution of assets for children.
Thoughtful planning can allow parents to establish how and when assets should be available rather than leaving those decisions entirely to circumstances that cannot be predicted today.
Make Sure Someone Knows Where Important Information Is Located
Having carefully prepared documents does not help if no one can locate them when they are needed.
Trusted individuals should know where important estate planning documents and other essential information can be found. Parents may also want to organize information concerning insurance policies, financial accounts, professional contacts, and other records that could be important during an emergency.
This does not mean everyone needs unrestricted access to private information. It means having a thoughtful procedure, so the appropriate people know where to turn if something unexpected happens.
A New School Year Can Be a New Planning Reminder
Back to school season is built around preparation. Families prepare children for new teachers, new schedules, and new opportunities. Parents can use the same mindset to prepare for their family’s future.
For parents throughout Palm Beach County and South Florida, reviewing an estate plan before another busy school year gets underway can help identify outdated documents, changes in trusted decision makers, and planning needs that may have been overlooked.
Your children may outgrow their backpacks every few years, and your family’s estate plan can become outdated too. Taking time to review it now can help ensure your planning continues to grow along with your family.
Contact Elder & Estate Planning Attorneys PA
If your family has experienced changes or it has been some time since you reviewed your estate planning documents, Elder & Estate Planning Attorneys PA is here to help. We work with individuals and families throughout Palm Beach County and South Florida to create and review personalized estate plans designed around the people and priorities that matter most.
Contact Elder & Estate Planning Attorneys PA today to schedule a consultation and make sure your family’s estate plan is ready for the years ahead.