No one likes to think about it – but what would happen to your children if something happened to you? If you don’t know the answer to this question and want to be sure your children are taken care of according to your wishes, it’s time to think about estate planning. Our attorneys at SEM Law Group Law recommend you start estate planning in Boca Raton by completing legal paperwork in regards to the following:
- Select a Guardian
The choice of who would raise your children is so important, you don’t want to leave it up to a judge who is unfamiliar with your children’s personalities, your friends and family, and family dynamics. Only you know whom you would trust with this responsibility. You also need to make sure the people you choose are willing to take it on – your children could end up in foster care if no one is willing to care for them. If too many relatives want to care for them, there may be a nasty fight in court.
Although it can be difficult, making the decision ahead of time will make things better and easier for everyone. You may want to think about things like whether your friends or relatives share your morals and values; their age and physical health; financial resources and stability; and whether they live nearby or whether your children would need to relocate.
- Draft a Will
State law may provide that children get an equal share of your assets. While that may sound fair at first, it may not be appropriate in every case. Perhaps one of your children has special needs and requires additional resources or long-term care. Or, you may have older children who have already finished college and won’t need money for tuition, while there are younger children who do.
- Establish a Trust
Regardless of whether your children are under 18, you may want to think carefully about when your assets will be distributed. Establishing a trust means that your assets can be managed on their behalf, and provided to them over time for specific needs or stages of life, such as attending college or buying their first home.
If you have a family in South Florida and haven’t already done so, now is the time to begin estate planning with Boca Raton attorneys.
Please contact our estate planning attorneys at SEM Law Group Law, 561-939-8042, for an estate planning consultation. During this to learn more about what they can do for you when it comes to planning your estate.