It is easy to fall into the trap of thinking that estate planning on applies to how your assets and property will be dispersed amongst your beneficiaries in Hernando County once you are gone. In reality, there are many more facets to it that you need to consider (especially if you have young children). Perhaps even more important than specifying how your assets will benefit your children is designated who should be responsible for them should both you and your spouse die.
Consider the impact that yours and your spouse’s loss would have on your children’s lives. Given all that they would have to deal with, you would no doubt want to try and mitigate that loss by limiting the changes that will already have to face. For this reason, grandparents or immediate family members are typically the first parties considered when naming guardians in a will. However, you should think about how the lives of those parties might change should they become responsible for your kids. Ask yourself whether your parents have the energy to raise young children again, or whether your sibling would be able to devote the time and attention your kids need if he or she already has children in his or her home.
There are other factors to be considered when planning for the potential of you not being around to raise your kids. According to information shared by the Florida Sun Sentinel, these include:
- How to support the guardian monetarily in raising your kids
- Whether you should name multiple guardians
- What might happen should the guardian’s circumstances change
The need to plan for your kids’ well-being should both you and your spouse die only serves to further hammer the point home that estate planning should be done early in your adult life.