Estate Planning Is Part of Parenting
Many people do not have an estate plan in place in their early
to mid-adulthood, which are also the years when they are most likely to have
children depending on them. Because daily life can be so hectic with babies, children, and teenagers taking up so
much time and energy, many parents put estate planning on the back burner. However, having a will or trust can provide tremendous
peace of mind in knowing that if the unthinkable happens, you’ve carefully chosen
your guardians and trustees and your children will be well cared for by the
people you have handpicked.
Probably the most important function of an estate plan during this time of life is naming your children’s guardian and successor guardians (in case your original choice is unable to serve). You can select guardians who share your morals and outlook, and who will parent your children with love and affection. If you don’t name a guardian for your children, a guardian will still be named, but will be chosen by a judge who doesn’t know your family and has never met you. You are unquestionably the best person to decide who should be named as guardian for your children, but you must formalize that decision in a properly drafted and witnessed will.
Creating a living trust also ensures that you, not a judge, will decide who would act as trustee, managing money and making spending decisions for your children as they grow up. That money often includes life insurance, the value of your home, and retirement plan assets, all of which can add up to a significant amount. Without a trust, judges can disallow certain expenses, such as private school tuition or cars; but if you’ve chosen the trustee, you’ve picked someone who shares your values and will spend money accordingly. A major advantage of a trust is that the trustee needn’t seek permission from a judge for every expenditure within the trust’s guidelines. In addition, your children’s guardian and your trustee can even be two different people – sometimes people are wonderful parents but are not great with money, or vice versa.
For these reasons, an estate plan is essential for a family with younger children and really is an extension of already conscientious parenting. Contact me to start the conversation with a free consultation, and begin to feel the peace of mind that comes with knowing this important responsibility is taken care of.
Probably the most important function of an estate plan during this time of life is naming your children’s guardian and successor guardians (in case your original choice is unable to serve). You can select guardians who share your morals and outlook, and who will parent your children with love and affection. If you don’t name a guardian for your children, a guardian will still be named, but will be chosen by a judge who doesn’t know your family and has never met you. You are unquestionably the best person to decide who should be named as guardian for your children, but you must formalize that decision in a properly drafted and witnessed will.
Creating a living trust also ensures that you, not a judge, will decide who would act as trustee, managing money and making spending decisions for your children as they grow up. That money often includes life insurance, the value of your home, and retirement plan assets, all of which can add up to a significant amount. Without a trust, judges can disallow certain expenses, such as private school tuition or cars; but if you’ve chosen the trustee, you’ve picked someone who shares your values and will spend money accordingly. A major advantage of a trust is that the trustee needn’t seek permission from a judge for every expenditure within the trust’s guidelines. In addition, your children’s guardian and your trustee can even be two different people – sometimes people are wonderful parents but are not great with money, or vice versa.
For these reasons, an estate plan is essential for a family with younger children and really is an extension of already conscientious parenting. Contact me to start the conversation with a free consultation, and begin to feel the peace of mind that comes with knowing this important responsibility is taken care of.
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