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Estate planning for your growing family

On Behalf of | Apr 21, 2020 | Estate Planning

Welcoming a new baby into your family in Florida brings many exciting challenges and triumphs. With the adjustment of a growing family, comes a desire to plan for your future. 

Planning your estate and making arrangements for the outcome of your assets, the care of your children and the distribution of sentimental possessions are all valid considerations. No matter your age or the newness of your family, coordinating an estate plan adds value and peace of mind. 

What should you include? 

According to The Motley Fool, arguably the most important designation to make involves the care of your dependents. After thorough consideration, your will should include the name(s) of people you trust to assume all parenting responsibilities if something happens to you or your significant other. Creating a trust is another valuable consideration as it allows you the control of deciding how to distribute your assets and when your children will have access to the money. You can also establish who will be responsible for overseeing designations specified in legal documents. 

After planning, are you finished? 

Contrary to what many people believe, planning your estate is just the beginning of preparing for your future. Every so often you should review your estate plan in its entirety to verify that everything is still applicable to your situation and lifestyle. Major events in your life including divorce, remarriage, the birth of children or grandchildren and even growth or accumulation of assets, are all reasons why your estate plan may require revisions. 

When you are aware of the benefit of establishing an estate plan for your growing family, you can take control of your future and avoid creating stress and confusion for your surviving family members if something were to happen to you. For more information about learning to write a will please visit our webpage.