Planning for Your Children's Sake is EssentialFeb 25, 2017
It's Hard to Think About the Unthinkable
Every day, we as parents make decision after decision about our kids, for our kids, because of our kids. Yet so many parents fail to make one of the most important decisions they need to make - what will happen to their kids if something happens to them.
Why Are You Delaying Estate Planning?
For many couples with young children, the expense of actually sitting down with an attorney may be the leading factor in delaying planning their estate. When you're trying to pay a mortgage, an estate plan may seem like a luxury you can put off until a later time. But consider the possibility that something does happen to you and/or your spouse. What would happen to your children? If you don't decide who will take care of your children and put that decision into an estate plan, the court (strangers to your family) will make the decision for you.
And that may not be the best decision for your kids.
Some parents delay estate planning because of mixed feelings about death, property issues, even marriage & family relationships. The decisions seem too hard to make. But ask yourself - Is the difficulty this may cause you worth the pain your child(ren) may go through because you didn't plan for them?
Did You Know?
- Naming a couple to act as guardian of your children can be a huge mistake. Very few people take into consideration the possibility that the couple may break up or one person may die. Your children may be left with the one you would rather they didn't stay with.
- If you don't plan properly, any inheritance your minor children receive may be given to them outright at age 18. For the most part, very few children of that age are prepared to take on that responsibility.
- Failing to exclude specific people may result in your children being with them. You know better than anyone who your children should be with. Some people that look good "on paper" are not who we would choose - but if a court gets involved, they may get your children because you didn't specifically exclude them.
- A will is completely public. A will must go through probate. Probate is public. Whatever you give to your children will be information anyone can get, any time. A trust keeps things private.
Believe me I know how it is. I'm the mother of a five year old and I know how hard even thinking about your children's lives without you can be. Our office specializes in helping people make these difficult decisions and giving you the peace of mind that good planning brings to your family.
~ Nicole Wipp, Attorney
Family & Aging Law Center PLLC
For more information regarding guardianship of minor children, click here.
Learn more about Guardianships & Healthcare click here.
If you really think about it, failing to plan for this possibility could be the second worst thing that could happen to a child - after losing you. So, Don't Plan to Fail.
The information in this blog post is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.