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Home >> Changing Your Estate Plan as Your Family Grows Up

Changing Your Estate Plan as Your Family Grows Up

July 21, 2015 by Robert Kulas. Leave a Comment

Changing Your Estate Plan as Your Family Grows UpWhen it comes to raising a family in Florida, ensuring that your estate plan is up-to-date and as complete as possible is essential. Most people don’t want to have to use the tools in their estate plan before they are absolutely necessary, but having the right tools in place serves as a vital safety net for you and your family. Understanding how these tools need to change as your family grows up, and how your needs and desires change, is an important lesson to learn if you intend to get the most from the plan you spent so long developing. Here are several reasons why you might need to change your plan as your family grows up.

Changing Your Child’s Guardian as Your Child Grows Up

When you first select a guardian for your child, you probably did so when the child is very young. Going through the process of evaluating your child’s needs and selecting who would be the right person to raise the child in the event you died can be a difficult decision, but it is one that is necessary.

Once selected, however, periodically reviewing your guardian choice as the child gets older is also important. This is because, as your child grows up, his or her needs change. The guardian you had selected when your child was an infant might have been a great choice then, but may not be suitable now.

Is the guardian you chose before still the ideal candidate, or is there someone new who would better serve in the guardianship role? While it may not be necessary to change your guardian selection, considering whether your child would be better off with a different guardian as he or she ages is something you will want to take the time to do.

Changing Your Plan as Your Parents Age

Beyond updating your estate plan to reflect the changes in your family as your children grow up, you might also need to consider changes if your parents are getting older. As your parent’s abilities change, you will need to consider what you might have to do if they become more reliant on you or need more help in the future. Not only might you need to make financial choices, but you might also need to make decisions about elder care, medical issues, and other similar questions.

Changing Your Plan as You Age

Once your child is old enough to own property and make decisions on his or her own, you might need to make new changes to your estate plan. For example, because your child is now an adult, you won’t need to worry about a guardian, but you might also need to pay more attention to your inheritance choices. Further, if you and your spouse are getting older, you might consider giving one of your children a representative role in your estate plan.

Filed Under: Estate Planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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