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Protecting Your Legacy
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Leaving assets to children in Florida

Knowing that their children will be secure after they are gone is a goal for many Florida parents. This means taking time to create an estate plan that can achieve that purpose. One way to do this may be to designate a child as a beneficiary of a life insurance policy. When the parent dies, the child will be entitled to receive the proceeds without having to endure the delays that the probate process often brings.

Another strategy is to create a trust that would define what each child would get and how they are to gain access to those assets. To ensure a trust is valid, the trust itself must hold title to the assets inside of it to avoid probate or state intestacy laws. Prior to creating a trust or some other mechanism of passing down assets, it may be worthwhile to talk to beneficiaries about what they are going to receive and why.

Doing so may avoid any challenges to a will or trust and avoid any hard feelings among family members. It may also be advisable to task each child with a specific role or responsibility in overseeing the administration of the estate. This may make everyone feel as if their mother or father loved and trusted them equally.

Those who are thinking about leaving assets to future generations may create an estate plan at any time. In addition to passing assets to children, it may be possible to use an estate plan to give them powers of attorney or appoint a legal guardian if they are still minors. An estate planning attorney may be able to help individuals consider these issues and provide assistance in creating documents that will help to achieve those objectives.

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