Why Estate Planning is Necessary When You Have Children

When your little one was born, you promised to always provide love and care to this tiny new person who captured your heart.  Now is the time to make sure you can provide the care you want for your child now and into the future.  We never plan on something happening to us, but the peace of mind that comes for knowing your child will be loved and cared for should the worst happen to us is incomparable.  Whether you’re just starting a family or adding to it, be sure to set up a plan for your family’s future.

DRAFT A WILL

The preparation and signing of a will with a trusted attorney is the most important step you can take to care for your family.  A will is the document used to distribute your assets, to select a guardian you trust to care for your children, and to select the person who makes sure your wishes in your will are followed. If no guardian is appointed by your will, it is up to your loved ones to step forward to convince the Court they are the best candidate to care for your child, but this person may not be your first choice.

SET-UP A FAMILY TRUST

A Family Trust can be a powerful tool to provide for the care and support of your children. Without a trust, your children will receive their share of your estate earlier than you may desire.  Should you no longer be here to care for your children, a trustee you select makes sure your assets are used to care for your children in the same way you financially cared for your children.   Setting up a Family Trust allow for the trust to continue to the age you choose. Family Trusts are easy to implement and can even be included in your will.

UPDATE BENEFICIARIES

Your beneficiary plans, such as life insurance, retirement plans, and other unique plans, require you to designate one or more beneficiaries to receive the plan’s funds upon your passing. If you add to your family, be sure to add your new children, or your family trust, to the list of beneficiaries to ensure the plan is distributed to those you love.

Please contact me to prepare a plan for your family’s future and give you the peace of mind that comes with knowing your children will be cared for into the future.  I would love to speak with you about your specific situation and answer any questions you may have about preparing an estate plan.

This blog does not constitute legal advice nor does it establish an attorney client relationship.  This is for general information purposes.