Have you finished buying school supplies, updating calendars, and getting everyone back into a routine? The beginning of a new school year comes with plenty of preparation, but there is another family checklist that deserves attention. If an unexpected illness, accident, or emergency occurred, would the people you trust have the information and legal authority they need to help your family?
For Florida parents, back-to-school season can be a useful reminder to review estate planning documents, emergency information, beneficiary designations, and guardianship wishes. These are not always the first things families think about in August but keeping them current can provide valuable protection throughout the year.
Make Sure Your Guardianship Wishes Still Reflect Your Family
Parents of minor children should consider who they would want to care for their children if both parents were unable to do so.
A last will and testament provides an opportunity to nominate a guardian for minor children. As children grow and family circumstances change, the person you selected several years ago may no longer be the person you would choose today.
Perhaps someone has moved away, family relationships have changed, or another loved one has become a better fit for the responsibility.
Reviewing your choice periodically helps ensure your Florida estate plan continues to reflect your wishes.
Review Who Could Handle Financial Matters
Parents should also consider who could manage important financial and legal responsibilities if they became incapacitated.
A properly drafted Florida durable power of attorney allows you to designate a trusted agent to handle certain matters on your behalf. Depending on the authority provided in the document, this may include managing accounts, paying expenses, and addressing other financial responsibilities.
Without appropriate planning, your family could face additional complications at an already stressful time.
Look at Your Health Care Planning
What would happen if you experienced a medical emergency and could not communicate your wishes?
A designation of health care surrogate allows you to identify someone you trust to make health care decisions when authorized under Florida law. A living will can provide instructions regarding certain end-of-life medical treatment.
Parents spend a great deal of time preparing for their children's emergencies. It is equally important to make sure there is a plan if the parent is the one who needs help.
Update Emergency Contacts and Important Information
Back-to-school paperwork usually includes emergency contact information, authorized pickup lists, medical details, and other important records.
Use that process as a reminder to review the information your own family would need during an emergency.
Make sure trusted individuals have current phone numbers and know where essential information is located. Consider whether they would know how to contact your attorney, locate your estate planning documents, and access other information they may need.
The goal is not to give everyone access to private records. It is to make sure the appropriate people know where to turn if circumstances require it.
Do Not Forget Beneficiary Designations
Beneficiary designations can easily become outdated as families change.
Retirement accounts, life insurance policies, and certain other assets may pass according to the beneficiary designation associated with the account rather than instructions contained in a last will and testament.
The start of a new school year can be a good time to confirm that your beneficiaries still reflect your current wishes and coordinate with your overall estate plan.
Consider How an Inheritance Would Be Managed for a Child
Leaving assets to minor children requires additional planning.
Children generally cannot simply take control of their inheritance while they are minors. Depending on your family's circumstances and goals, trust planning may provide a way to establish instructions for how assets should be managed and used for a child's benefit.
Parents may also want to consider whether they would want children to receive complete control of inherited assets immediately upon reaching adulthood or whether a different structure would better support their long-term goals.
These decisions are highly personal and should reflect the needs of the individual family.
Family Plans Should Grow Along With Your Children
The estate plan you created when your children were babies may not be the plan your family needs when they enter elementary school, high school, or college.
New children may have joined the family. Your financial circumstances may have changed. The people you trust may be different. Your children may have developed needs that require additional planning.
Estate planning should evolve as your family does.
Add Your Estate Plan to the Back-to-School Checklist
The beginning of a school year is about preparing children for what comes next. It can also be an opportunity for parents to make sure their own estate planning is ready for the future.
At Swank Elder Law, we help Florida families create and maintain estate plans designed around the people and priorities that matter most to them. If your family has changed since your estate planning documents were created, or if you have never created a comprehensive estate plan, now may be a good time to start the conversation.
Contact Swank Elder Law today to schedule a consultation and make sure your family's plan is prepared for the school year and the years ahead.