The Importance of Wills and Testamentary Trusts for Parents in Florida

For many parents, thinking about what happens after they're gone isn't exactly a pleasant topic, but it's a crucial one, especially when minor children are involved. In Florida, if you pass away without a will—known as dying intestate—the consequences can be complicated, particularly for your children.

What Happens if You Don't Have a Will?

In Florida, if parents pass away without a will and are not survived by a spouse, their estate automatically passes to their children. However, if these children are minors, they cannot inherit property directly until they reach the age of majority. Instead, a guardianship would be initiated, and the assets would be placed in a custodial account managed by a guardian. This guardian can access the funds for the child’s benefit until they turn 18, although it's possible for these funds to remain under custodial care until the child is 25.

This process not only involves court intervention but also leaves much less control in the hands of the parents over who manages these assets and how they are used for the child's benefit.

Introducing the Testamentary Children’s Trust

A more controlled and preferable option is to set up a testamentary children's trust within your will. Unlike living trusts, a testamentary trust is established only upon your death. Your will's executor, or personal representative, would then transfer your assets into the trust according to the terms specified in your will.

This type of trust allows you to designate a trustee who will manage the assets on behalf of your children. More importantly, it lets you set specific terms for how and when the assets will be distributed. For instance, you can decide that the funds should be used for your children’s health, education, support, and maintenance, and you can set specific ages or milestones at which your children will receive the assets outright.

Customizing Your Trust

The beauty of a testamentary trust is in its flexibility. You can tailor it to reflect your family’s unique circumstances and priorities. Whether you want your children to inherit the assets at 18, or prefer to spread out the distributions across several milestones in their adulthood, a testamentary trust can accommodate these wishes.

The Need for Professional Guidance

Drafting an effective testamentary children’s trust isn’t straightforward and involves intricate knowledge of estate planning laws. It’s crucial to work with an estate planning professional who can help ensure that your will and any trusts are set up correctly to meet your specific intentions and to provide for your children’s future.

At The Soto Law Office, we specialize in helping parents in Florida create comprehensive estate plans that include wills and testamentary trusts. We understand the intricacies involved and are dedicated to ensuring that your estate planning achieves your objectives and provides peace of mind.

Planning for Your Children’s Future

If you’re a parent and haven’t yet considered how your assets will be handled after your passing, now is the time to act. Don’t leave your children’s financial future to chance or the state’s intestacy laws. Contact The Soto Law Office today at (321) 972-2272 or visit our website at www.sotolawoffice.com to schedule a consultation. Let us help you ensure that your children are cared for in the way you wish, without unnecessary court intervention.

Don’t leave your estate planning to chance. Contact us today at (321) 972-2279 to schedule a consultation and ensure your family's future is secured.