Warning Signs Your Kids Aren’t Fully Protected (Even If You Have a Will)
Many high-income parents assume they have done “enough” once they’ve signed a will. After all, you’re responsible, financially successful, and intentional about your family’s future. You’ve named beneficiaries. You’ve talked about guardians. You may even have life insurance.
But for parents with young children—especially those with significant assets—a basic will is often not enough.
As the holidays approach and families travel, gather, and reflect on the year ahead, it’s a natural time to ask an uncomfortable but important question:
If something happened to us tomorrow, would our children truly be protected the way we intend?
For many Florida families, the honest answer is “not entirely.”
Below are some of the most common warning signs we see that a family’s estate plan may leave children exposed—despite having a will in place.
Why a Basic Will Is Not Enough for Young Families
A will is an important document, but it is also a limited tool, especially when minor children and substantial assets are involved.
In Florida, a will primarily does two things:
- It directs how assets are distributed after death
- It can nominate a guardian for minor children
What it does not do is just as important.
A will does not:
- Avoid probate
- Control how money is managed for minors long-term
- Protect inheritances from court supervision
- Provide guidance during incapacity
- Prevent delays or disputes
According to the American Bar Association, probate can be time-consuming, public, and expensive—particularly when minors are involved.
👉 Wills and Estates
For young parents with growing wealth, business interests, or real estate, relying on a will alone often means:
- Court oversight of your children’s inheritance
- Delays in accessing funds for their care
- Decisions being made by judges who do not know your family
This is not a failure—it’s simply a gap in planning that many families don’t realize exists.
What Happens to Minor Children If Both Parents Pass?
This is the question no parent wants to think about—but avoiding it does not eliminate the risk.
If both parents pass away and no comprehensive plan is in place, several things happen immediately:
Guardianship Is Not Automatic
Even if you named a guardian in your will, the court must still:
- Confirm the appointment
- Evaluate the proposed guardian
- Approve the arrangement
If there is no clear nomination, the court decides based on what it believes is in the child’s “best interests” under Florida law.
👉 Florida Statutes §744
Statutes & Constitution :View Statutes :->2025->Chapter 744 : Online Sunshine
Family disagreements, delays, and emotional stress are common during this process.
Assets Are Not Managed by the Guardian Automatically
A guardian of the child is not automatically the person who controls the child’s inheritance.
Without a trust:
- Funds are typically placed under court supervision
- A financial guardian may be required
- Ongoing reporting to the court is mandatory
This means your child’s money could be tied up in bureaucracy for years.
Guardian vs. Trustee Confusion (And Why It Matters)
One of the most overlooked issues in estate planning for young families is the difference between a guardian and a trustee.
They are not the same role and confusing them can create serious problems.
The Guardian – Most often, when people think of a guardian, they are thinking of the guardian of the person. If no trustee has been named, then a guardian of the property may also be required. These are the 2 potential sides to a guardianship: of the person and of the property.
- Responsible for raising your child
- Makes day-to-day decisions about education, healthcare, and upbringing
The Trustee
- Manages your child’s inheritance
- Controls when and how money is distributed
- Ensures funds are used according to your instructions
Many parents assume the same person should fill both roles. Sometimes that works—but often it does not.
For example:
- A loving grandparent may be an excellent guardian of the person but not comfortable managing investments
- A financially savvy sibling may be a great trustee but not the right choice to raise a child
Without clear language to separate these roles, Florida courts may impose their own solution—often one that creates unnecessary friction or oversight.
The Consumer Financial Protection Bureau highlights that trusts are one of the most effective tools for protecting assets for minors.
👉 MANAGING SOMEONE ELSE’S MONEY Help for trustees under a revocable living trust
How the Holidays Highlight Real-Life Risk
The end of the year is not just reflective—it’s statistically riskier.
During the holiday season:
- Families travel more frequently
- Roads are more congested
- Alcohol-related accidents increase
- Weather-related incidents are more common
Even short trips can expose gaps in planning.
Consider this scenario:
You and your spouse leave Florida for a weeklong holiday trip. An accident leaves you temporarily incapacitated. Who can legally:
- Make medical decisions for your children?
- Access funds to care for them?
- Authorize school or emergency treatment?
Without proper incapacity planning, even a temporary emergency can create chaos.
The holidays don’t create risk—they simply remind us that life is unpredictable.
How a Comprehensive Plan Avoids Court Involvement
A comprehensive estate plan does far more than distribute assets—it creates clarity, continuity, and protection.
For young parents, this often includes:
A Revocable Living Trust
- Avoids probate entirely
- Allows assets to be managed privately
- Provides long-term instructions for children’s inheritance
Clearly Defined Guardians and Trustees
- With backups in place
- With clear roles and authority
Incapacity Planning
- Healthcare directives
- Durable powers of attorney
- Temporary guardian instructions
Asset Protection and Control
- Distributions based on maturity, not age
- Protection from creditors and future divorce
- Alignment with tax planning strategies
Most importantly, a comprehensive plan keeps decisions out of court and in the hands of the people you choose.
Warning Signs You Should Not Ignore
You may want to review your plan if any of the following are true:
- You only have a will
- Your children are named as direct beneficiaries
- You have not named backup guardians or trustees
- Your plan has not been updated since your children were born
- Your assets or income have increased significantly
- You travel frequently or own multiple properties
For high-net-worth families, even small oversights can have large consequences.
Planning Is Not About Fear—It’s About Peace of Mind
Estate planning for parents is not about expecting the worst. It is about removing uncertainty so your family is protected no matter what the future holds.
The most thoughtful plans are created not out of fear, but out of love, responsibility, and foresight.
When everything is in place:
- Your children are cared for by people you trust
- Your assets are used exactly as you intend
- Your family avoids unnecessary stress, delays, and court involvement
That peace of mind is one of the greatest gifts you can give your family.
Before the New Year, Make Sure Your Children Are Protected the Way You Intend
The end of the year is a natural time to review what matters most.
If you’re unsure whether your current plan truly protects your children—or if you’ve been meaning to address it “someday”—now is the time.
A thoughtful review today can prevent confusion, conflict, and court involvement tomorrow.
Before the new year, make sure your children are protected the way you intend.
