Estate planning is something that many people know about, but far too few actually go about doing. The fact is, making an estate plan is often a very difficult thing to do because it requires you to think about uncomfortable realities and possibilities. If you find yourself having a difficult time getting started with the process, you might want to focus on the potential benefits that estate planning can have for your family.
Your Young Children
If you are a parent with a minor child, your estate plan will not only let you decide who will care for your child should you die, but it’ll also give you the chance to ensure the child’s financial needs are met. A good estate plan will allow you to name a guardian and create trusts that will protect a young child’s inheritance until he or she becomes an adult.
Estate planning is focused on making choices the law allows you to make in specific ways. If you don’t make your choices yourself, you leave it to others to decide for you. Failing to make these choices in advance can often be very damaging to your family because it can lead to significant conflicts over what you would have wanted.
Your estate plan will give you the opportunity to decide what medical care you do or don’t want to receive if you fall ill. If you don’t decide yourself, someone else will necessarily have to decide for you and that person may not choose what you would have chosen.
To start the process, consult with an experienced and qualified estate planning attorney.