When most people hear the term estate planning, they often associate it with the elderly or the ultra-wealthy. But if you’re a parent with young children, estate planning isn’t just important—it’s essential. In fact, it may be even more critical for families with minor children than for any other group.
Here’s why estate planning should be at the top of your to-do list if you have minor children:
1. You Get a Say in Who Cares for Your Children
No one wants to think about the unthinkable—but if something were to happen to you (and your spouse, if applicable), who would care for your children?
Without a valid will in place, the court will appoint a guardian for your minor children. This decision may not align with your preferences. You lose your voice in one of the most important decisions of your child’s life.
By including a guardianship clause in your will, you ensure that your wishes are clear and legally documented. This allows the court to give priority to your chosen guardian, minimizing uncertainty and reducing the likelihood of disputes among family members.
2. A Trust Ensures Financial Security for Your Children
Children can’t manage money on their own—and the law reflects that. If your estate plan doesn’t include provisions for how your assets should be managed for your children, the courts will step in and appoint someone to manage it for them.
Creating a trust allows you to:
- Designate a trusted person to manage the money (the trustee)
- Provide instructions for how and when the funds should be used (e.g., for education, healthcare, housing, or other support)
- Protect the money from being misused or prematurely spent
Trusts offer a level of flexibility and control that a simple will cannot. You can also structure the trust to reflect your values and vision for your child’s future.
3. You Control When Your Child Inherits
Leaving money directly to a child without setting up a trust can create complications. In Florida, if a minor inherits more than $15,000 outside of a trust, a court must appoint a guardian of the property—a person who manages the money on the child’s behalf until they turn 18.
But what happens at 18? That’s when the guardianship would end and your child would gain full access to the inheritance. Ask yourself: Is an 18-year-old ready to manage a large sum of money?
With a trust, you can control the timing and conditions of distributions. For example, you might allow partial distributions at certain ages (e.g., 25, 30, and 35) and/or require that your child complete college or reach another milestone before accessing funds.
This level of control can be a powerful way to protect your child’s long-term financial well-being.
4. Avoid Legal Hassles and Extra Costs
If your estate plan is incomplete or poorly structured, it can create a legal and financial burden for your loved ones. The court-appointed guardianship process can be time-consuming, expensive, and emotionally draining.
Creating a thoughtful estate plan not only provides clarity and stability but can also save your family thousands of dollars in court fees, legal costs, and administrative delays.
Plan Today for Peace of Mind Tomorrow
Estate planning may seem overwhelming, especially when you’re in the thick of raising kids. But putting a solid plan in place is one of the greatest gifts you can give your family.
By planning ahead, you’re doing more than passing on your assets—you’re protecting your children’s future, providing for their care, and ensuring that your voice is heard even when you can’t be there in person.
Whether you need to write your first will, establish a trust, or update existing documents, now is the time to take action. Don’t wait for a crisis to remind you how important this is. Contact Vaughn Law to answer your questions and help you get started.
By: Allison Couri, Attorney