Between all the sleepless nights and memorable moments with your newborn, estate planning may not be at the top of your mind. Starting this early is advisable for new parents in Florida, as it gives you full control over what happens with your child’s livelihood when the unthinkable happens.
While thinking about an estate plan may bring sorrow, it is one of the greatest acts of love you can do for your family. Here are the essential documents you must have to ensure every aspect of their lives remains protected when you pass away.
Drafting a basic will
A last will and testament contains instructions on what happens to your probate assets when you pass away. This allows you to designate assets to your child and other family members. It also lets you name a personal representative who will manage your estate during the probate process in Florida.
Naming a guardian you trust
You can name a guardian who will raise your minor child with a Declaration of Preneed Guardian for a Minor. Explicitly mentioning a guardian’s name creates a legal presumption that your child will be under the care of someone you trust most. It is important to note that a judge retains final authority to confirm the appointment based on your child’s best interests.
Establishing a Durable Power of Attorney (DPOA)
Medical emergencies occur without notice, which can prevent you from handling financial decisions. A DPOA grants authority to your named person to handle your finances on your behalf. It becomes effective when you sign it. This ensures your household keeps running, and your child remains protected.
Choosing a healthcare surrogate
Your estate plan should also include instructions that protect yourself from mental incapacity. A Designation of Health Care Surrogate gives you the right to name someone to make medical decisions or access records in your place. In Florida, you may choose whether to make a surrogate’s authority effective immediately or only when a doctor determines that you lack capacity.
Estate plans require continuous reviews and updates
Your estate plan must match your family’s current standing, especially when significant changes occur. That is why you should conduct regular reviews to update terms that reflect your wishes at present. An experienced estate planning attorney can help you get started in drafting and assist you during plan reviews.