How Estate Planning Safeguards Your Family with Small Children

As a parent, we always want the best for our children–a happy and comfortable life, a bright future, and most importantly, a secure one.

In a perfect world, things would be perfect…right?

But not all things can be controlled, especially in the event of unexpected incidents such as serious illness, incapacity or death.

How do you ensure their long-term security in case something were to happen to you?

ESTATE PLANNING!

It’s an essential tool for everyone, especially families with small children.

Properly executed Estate Plans provide vital financial protection, establish guardianship in unforeseen circumstances, and make wishes clear so that they are followed without dispute.

What Are Some Important Steps To Take With Small Children?

When you have children, it’s important to make arrangements for the care of them in case of any unforeseen circumstances. This is where Estate Planning helps to create a more secure path.

Here’s some things to take into consideration:

Identifying a Guardian for Your Children - One of the most important steps involved is identifying who will care for your children in case you are unable to do so.

You should consider someone who shares similar values and beliefs as you, is financially stable, and has the capacity to care for and nurture your children.

It’s important to talk to your chosen guardian beforehand to make sure they are willing and able to take on the responsibility.

Without naming a guardian, the court is responsible for determining who will care for your children, leaving your children unprotected and vulnerable to living with someone you haven't considered or who you wouldn't have chosen otherwise.

Providing Financial Stability for Your Children - Another detail to consider is who will be responsible for managing your finances that will help take care of your children if they’re still minors, and how taxes and debts will be handled.

You want to ensure that your children will have access to funds for their education, health, and other needs. Creating financial specifics in the plan for the guardian is a key element to make sure the funds are not mishandled.

Protection for Special Needs Children - Have a Special Needs child?

Setting up a Special Needs Trust is another option to consider.

This trust can hold assets and funds for the benefit of your child without affecting their eligibility for government programs such as Medicaid and Supplemental Security Income.

Avoiding Family Disputes - Family disputes are quite common when it comes to estate distribution.

When the parent didn't leave a Will and Estate Plan, arguments often arise among surviving siblings and other family members.

This can be quite stressful and financially draining for your children left to navigate through the process.

Estate planning creates a clear roadmap for your family and sets boundaries by spelling out your wishes in a legally binding document.

It’s important to work closely with an experienced estate planning attorney who can guide you through the process and help determine the best plan for your family’s unique needs.

Having a plan in place will bring you some peace of mind that comes with knowing that your children are well taken care of in the event of anything.

Have questions? Need help creating an Estate Plan? Contact our office today!

DISCLAIMER: The content contained herein is for general informational purposes only.  These materials do not constitute legal or other professional advice.  We do not accept any responsibility for any loss that may arise from reliance on this information.  No reader should act or refrain from acting based on information contained in this article without seeking advice of counsel.