Back-to-School Season: A Question Many Parents Consider

Backpacks are packed, schedules are set, and school supply lists are checked off. As families prepare for the new school year, some may also take the opportunity to review important legal and financial planning documents.

For parents of minor children, one topic that is often included in estate planning discussions is guardianship.

Understanding Guardianship Nominations

When parents have minor children, estate planning documents may include a nomination of a guardian. A guardian is the person who may be considered to care for a child if both parents become unable to do so. If a guardian has not been nominated in a valid estate planning document, decisions regarding guardianship may be determined through court proceedings under applicable law.

Guardianship nominations are an important component of many estate plans involving minor children.

Three Things Parents Often Overlook

1. Guardianship Nominations Should Be Documented

Informal conversations with family members do not replace legal documentation. A will may include a nomination of a guardian for minor children, subject to applicable legal requirements.

2. Circumstances Can Change Over Time

A person nominated several years ago may no longer be the most appropriate choice due to changes in health, location, family circumstances, or availability.

Periodic reviews of estate planning documents may help ensure they continue to reflect current circumstances and intentions.

3. Financial Management and Guardianship Can Be Separate Roles

In some estate plans, the individual responsible for managing property for a child may be different from the individual nominated as guardian.

Depending on the estate plan's structure, trusts and other planning tools may be used to establish how assets are managed and distributed for beneficiaries.

A Back-to-School Planning Checklist

As a new school year begins, some parents may wish to review the following:

• Do we have a will that includes a guardianship nomination for our minor children?

• Is the person previously nominated still the appropriate choice?

• Have we considered whether a trust may be appropriate for managing assets intended for children?

• Is the nominated guardian aware of the potential responsibilities associated with that role?

Reviewing Guardianship Nominations

Parents may wish to periodically review guardianship nominations, wills, trusts, and other estate planning documents as family circumstances change.

Estate planning decisions depend on individual circumstances and applicable Florida law.

This blog post is for informational purposes only and does not constitute legal advice. Please consult with an attorney regarding your specific situation