Reminder: It is never too early to start estate planning!
Estate planning is critical for young families to protect their little ones if the unthinkable happens. By planning and updating, you are ensuring that your child will be cared for if you pass away. Having a plan can also make sure money is set aside for necessities and college, and that your children’s guardian knows your wishes for where and how you want your children to be cared for. In this blog, we will address 3 common questions we are asked by young parents who are just getting their estate planning journey started.
Who will take care of my Child(ren?)
During the estate planning process, you will be able to appoint a guardian to take care of your minor children if you are unable to. Please refer to our “Considerations when Naming a Guardian” blog for tips and advice on how to choose who your guardian will be.
Who will manage my assets?
We recommend putting a trusted adult in place to manage your assets that are to be passed down and put aside to take care of your children. This does NOT have to be the same person as the guardian of the child. There may be someone else more equipped to handle finances, and you may put them in charge of the distribution of your assets to your children.
How can I ensure my child(ren) is taken care of properly?
One of the best ways to ensure that your child(ren) is cared for in the way you would want is to consider things such as where you might want them to live and values that are important to you when you name a guardian. It is also important to discuss these considerations with the person you appoint as a guardian while you are still alive, rather than hoping they will understand your wishes after you die. By leaving instructions behind in your estate plan for the guardian and discussing these plans with them, you are ensuring that your wishes are communicated and carried out.
Need guidance in beginning your estate planning process and creating a plan for your children? Have more questions about estate planning as a young parent? Give us a call or send us an email to schedule a free consultation!