Answer: As a minor, the child will need a guardian of the property if he or she receives any property to his or her name. In Florida, if the child is under 18, then the parent or guardian of the child will need court involvement to be able to be the guardian of the child’s money and property. A guardianship of the property will be costly and it will have to be renewed (or at least, inventories will have to be filed every year with the Court). It can be avoided by the use of proper estate planning, such as Trust Planning.
If you want more information, feel free to give us a call at 305-456-7158 or click here to request a Life Planning & Beyond Session so we can answer this question further and any other question you may have.
Family values are not as easy to pass down to future generations as it may be transferring of assets, such as real estate and money in the bank.
However, that’s one of the things that differentiates my firm from others. We try hard to find ways to pass down values. The way we do this may depend on the family and the values to transfer and this may not take the form of a legal document, but this planning goes beyond . . .
The first thing I tell my clients to do is start educating. We must give the example for others to follow but sometimes the example alone is not enough, we must openly and explicitly communicate what we value, how we value things and how we want others to react to our choices and goals. We gather with our client’s family or encourage our clients to have family meetings to discuss their estate plans and why they have planned the way they have and what is expected of each family member. We also encourage a legacy session. This is normally done after the plan is complete and the client has the opportunity to record, either in audio or video, their wishes, their concerns, their advice to children or beneficiaries and their expectations. Imagine, how valuable it can be to a family member to receive the advice of a parent, for example, even years after the parent is no longer alive.
Others will just write down instructions, and those are very valuable too. At the least, we make sure that the legal documents include as much of the purpose and value of our clients as legally possible.
Baby boomers know money isn’t the only important aspect of estate planning.
Baby boomers want to leave their family more than just financial assets. According to a 2012 study released by the Allianz Life Insurance, Co. baby boomers identified family values as some of the most important things to pass down to heirs.
In 2012’s economic climate, it was no wonder family values imparted through stories, life lessons, and family possessions were at the top of the list. In an economic downturn, financial inheritances are more tenuous, unlike the abiding worth of family values. Thus, family values, tax-free of course, made the top of the list in importance.
However, a similar study conducted in 2015 by the same company showed that family values were also among the most important legacies boomers wanted to leave behind, even though the economy was more robust.
These studies show the enduring importance of family values, morals, and meaningful possessions as part of a carefully crafted estate plan, regardless of the economic climate.
Do you have family values you wish to pass on? Of course, you do. And yet you likely haven’t taken action to ensure the legacy you are leaving is the one you really want to leave behind.
It is easy to include family values in your estate plan when it’s built into the process. It is not the norm with most estate planning lawyers or with the DIY legal document services. We know that your financials will be managed by estate law, but what about your memories, your values, and your teachings? Consider including written memoirs, video or audio recordings of family stories, or your advice to children, grandchildren and other family members in your estate plan. These are the valuables most likely to be lost after your death. Wouldn’t it be nice to preserve them?
Could you imagine how valuable it would be to hear your family history directly in the words of your grandparents, great-grandparents or even earlier generations right now?
If you want to pass down a truly holistic legacy, one that manages and preserves both your finances and your family values, start by coming in to meet with us for a Life Planning & Beyond Session. As your Personal Family Lawyer®, we will guide you in creating a comprehensive estate plan that protects and preserves your family’s heritage.
This article is a service of Yahima Suarez, Personal Family Lawyer®. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life Planning & Beyond Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office at 305-456-7158 today to schedule or click Life Planning & Beyond Session and mention this article to find out how to get this $250 session at no charge.