Unexpected babies and changes to estate plans

The birth of a new child is a time of celebration and joy. For some Florida families, the arrival of a new baby is an unplanned event, perhaps coming years after thinking the family was complete. When a child is added to a family, it could necessitate changes to existing estate plans. When there is a large age gap between children, it could also lead to very specific choices and provisions that will be beneficial long term.

Important estate planning considerations

Large gaps between children may be challenging for parents who are trying to create estate plans that are fair and easy to follow. They may find it difficult to plan for their long-term care when they will have a child to care for almost two decades to come. While challenging, addressing these estate planning concerns can be easier with the following:

• Update beneficiary designations on all accounts
• Update or add guardian designations for minor children
• Consider changing fiduciary appointments
• Implement a trust to provide for the children long term

Each estate plan is different, but Florida parents can create plans that will allow them to address their own needs long-term, as well as provide for their kids.

A custom strategy

It is not always easy to know how to adjust existing estate plans or what steps are necessary for the full amount of protection one needs. An assessment of the individual situation can reveal what estate planning steps will be most beneficial. After any major life change, such as the birth of a new child, it will be important to evaluate existing plans to determine what updates are necessary.