Each day, many parents with young children put off the important task of planning for the future. It can be easy to become busy with life’s everyday events. If you are a parent, you need to take the time to create an estate plan. This will allow you to make sure that your children are protected in the future.
Are you unsure about the need for an estate plan? If so, consider the following questions:
- What will happen if you become disabled or die tomorrow?
- Who will care for your children?
- What funds will be used to care for your children?
- Who will the court appoint as a guardian, if you do not have an estate plan in place?
It can be stressful thinking about the above situations. The truth is the unexpected can happen at any time. It is important to have a plan in place so that your children are always loved and cared for.
An estate plan can allow parents with young children to do the following:
- Plan for funding that can be used to care for your child after your death. A qualified estate planning attorney can help you explore all funding options.
- Appoint someone to manage the assets that you leave to your child. These assets can be used to provide for your child on a daily basis.
- Appoint someone who will care for your child if you are ever unable to due to disability or death. This guardian can also be responsible for managing the assets that you leave for your children, if you wish.
If you want to make sure that your children receive proper care in the future, take the time to create an estate plan.
If you have any questions about why parents with young children need an estate plan, consult with a qualified, experienced estate planning attorney.
Latest posts by Timothy P. Murphy (see all)
- Important Estate Planning Tools for the LGBTQ Community - December 11, 2019
- Don’t Accidently Disinherit Your Children - December 9, 2019
- Your Estate Plan: Get It Into a Writing or Else - December 7, 2019