It’s a common misconception that wills and estate planning is only for elderly or wealthy people. In fact, estate planning can help people in all kinds of circumstances. An often overlooked group that should consider their estate is parents.
Whether you have just welcomed a new infant or your kids are already school-age, you can make a plan to protect your children in a worst-case scenario. There are a few benefits that can specifically give your children security after a tragedy.
You can choose a guardian
If you and the other parent are both gone, who will take care of your kids? In a will, you can appoint guardianship, which will determine the person responsible for providing food, clothing, shelter, medical care and education for your children.
You might choose your own relatives to be your children’s guardian, such as their aunt or grandfather. It could also be your spouse who isn’t the biological parent, but who raises the children with you. Otherwise, you might pick a close neighbor or friend. Above all, parents can figure out who would best protect their children.
You may select someone to manage your finances
At four years old, for example, your child would not be able to figure out how to collect life insurance or pay estate taxes. This job is better suited for an adult, called the executor. Just like a guardian, you should choose a person you trust to manage your assets and debt according to your written requests.
It’s not as difficult as it sounds
Some people aren’t as concerned with probate or fancy estate planning tactics. Rather, they just want to make sure their loved ones will be secure. Although this process involves making careful decisions, you might be surprised by how easy writing a will can be. Of course, it’s best to consider legal advice to make sure your children are protected in the way you want them to be.
Don’t wait until you see gray strands peeking through your hair to think about estate planning. Heartbreaking loss can strike at the most unexpected moment, which is why even young parents need to prepare for their child’s future.