When a Florida parent makes an estate plan, numerous documents and instructions contained therein may pertain to his or her children. Especially if one’s children are minors, it is understandable that a parent will want to make sure they are provided for if their parents die or become incapacitated. A common estate planning document is a last will and testament, which often includes language to designate a guardian for children.
It can give a parent peace of mind knowing that a trusted friend or family member will take custody of his or her kids if the need arises. However, many parents who name guardians for their kids as part of the estate planning process fail to think of the possibility that the person so named might die or become incapacitated. This is why it is often important to designate a backup person who is willing to be a guardian if something happens to the primary guardian listed in a will.
Other backup plans can be incorporated into an estate plan
In addition to a legal guardian for a minor, an estate owner might also want to designate secondary parties for other responsibilities as well. For instance, it is helpful to have a backup person to have health care or financial power of attorney. Like a guardian, a person with power of attorney might die before the document goes into effect, in which case, it is helpful if there is a secondary person listed to accept the responsibility.
The estate planning process is never a one-size-fits-all system. Every Florida estate owner can execute a plan and incorporate or omit documents to fit his or her needs. Remember to learn more about the requirements for validity before signing any legal documents. An estate law attorney can help with this.