What will happen to my child if I die?
If you were to pass away, the immediate consequences for your child will depend on several factors, such as your child's age, your family situation, and whether you have a will or other means of naming a guardian for your child. Here are some possibilities:
If your child has another living legal guardian (such as the child’s other parent), that person will assume custody of your child, assuming they are deemed fit to care for the child.
Your child may be placed in the care of a grandparent, aunt or uncle, or another trusted family member.
In Florida, your child may immediately be placed in the care of a designated guardian of your choosing, if you have filed the proper paperwork with the Clerk of Court. This is the preferred option for most parents, and it is something we regularly file on behalf of parents.
Your child may be placed in foster care. If there are no suitable family members who can take care of your child, they may be placed in foster care. In this situation, a temporary legal guardian will assume responsibility for your child until a permanent home can be found.
Receiving Assets
Your child may also inherit your assets. If you have no will or other estate plan in place, this may happen by default if you are unmarried. Although this sounds like a good thing, in Florida this can cause problems. Minor children are only allowed to inherit up to $15,000 without a court-supervised guardianship being established by the courts. Thus, if your child inherits more than that amount, a Court will have to get involved and monitor how and why any money is spent for your child. This process and the associated attorney’s fees are often expensive, and the child’s inherited assets may be used to pay for the guardianship. Thus, it is often best to avoid or limit any possible guardianship estate.
A good alternative for many parents is to create a trust for their children. Trust assets can be held by a trustee without the expense of a guardianship. The trustee can be a trusted family member or friend. It can even be the person who select to be your child’s legal guardian should you pass away. Often, this is the preferred option for parents.
If you need to either designate someone to take care of your kids if you pass away or look into a trust for your children, reach out to an estate planning attorney for more information.