5 reasons why new and expecting parents need to have a will in Florida.

While most people know the importance of having a will, the reality is that many do not draft their first will until late in life.  However, wills are important and recommended for people of all ages, especially those expecting children.

Below are 5 top reasons why new and expecting parents should have a will:

1. Guardians. By doing some estate planning now, you can establish guardians for your child and family in the case they may need them. Guardians should be people you trust to be either their financial guardian and/or the legal guardian of their person. One person can undertake both roles (like a parent does) or different people can act here, splitting up the money decisions from the day-to-day responsibilities.
2. Transfer of Property. Under Florida probate laws, if one parent dies without a will, some of their property might not go to their surviving spouse, but directly to their children. This might not be the best choice for the family. Preparing a will protects everyone in this instance and will help you gift assets to children only when they are ready to receive them.
3. Family Heirlooms and Keepsakes. Often, there are specific pieces of property that parents wish a particular child to have. The grandmother’s engagement ring to their daughter, the father’s pocket watch to the son. With a will, specific assets such as jewelry, collectibles, letters or vacation properties that you want to leave to a specific child can be specified..
4. Education Decisions. Planning for your child’s schooling can be done through yourFlorida-drafted will. You can specify that a portion of your Florida estate should cover their tuition. And although you can not force children to attend school after high school, you can create incentives for them by gifting them assets in your estate only on the condition that they finish college or receive their masters degree.
5. Special Needs. Special needs children face unique challenges. Some of the challenges can be faced with a Special Needs Trust.  Setting up a Special Needs Trust in Floridacan help attain government benefits for which they may be eligible as well as insuring they will have the ability to pay for medical care.  Parents can also appoint aspecialized guardian to take care of the unique needs of the child.

See http://www.pankauskilawfirm.com/ for videos and information on Wills in Florida, Florida Trust Law, Estate Planning, and Estate Administration in Florida.