Parents, have you put an estate plan in place? Estate planning is important for everyone, but there is an added layer of importance when it comes to parents. To really explain why it is so important for parents to put an estate plan in place, let’s take a look at what parents can accomplish with a comprehensive estate plan.
The Importance of Estate Planning as a Parent
Perhaps one of the most important things a parent can do with an estate plan is name a guardian for their minor children. This guardian will take on the role of caring for and supporting the children if the parents pass away or otherwise become incapacitated and unable to provide care and support. Without naming a guardian, this critical decision will be decided by a court. When you name a guardian in your estate plan, you are empowered to select the person you deem most fit to take on this vital role in your children’s lives.
You can also ensure that you are providing the best possible financial support to your children regardless of what happens to you in the future. By designating your children as beneficiaries in your will, trust, or other estate planning documents, you can help ensure that they get the inheritance you want for them. You can also help ensure that the transfer of their inheritance is smooth and is accomplished with maximum efficiency. For instance, you may wish to put their inheritance in a trust as trust assets will avoid having to go through the arduous and expensive probate process. You can also time out trust distributions so that you children do not quickly burn through their inheritance.
Putting a strong estate plan in place can also help manage anxiety among your family and loved ones. You can let them know what you have put in your estate plan and explain your reasoning behind the plan’s structure. This can help manage expectations and it can also ease everyone’s anxiety as you have built in legal protections for a future you want for your children. Explaining to your loved ones that you have put such protections in place can help ease their anxieties in the face of an otherwise uncertain future.
Estate Planning Attorney
Parents, move estate planning to the top of your to do list! The dedicated estate planning team at Monk Law will help you every step of the way. We will create a strong, comprehensive estate plan that has your family’s unique needs and goals in mind. Contact Monk Law today.