By Kariann Voorhees, Esq., Voorhees Law Group, PC
As a parent, you want to ensure that your children are protected and provided for in the event of your untimely passing. That’s why estate planning is so important for parents with young children. By creating a comprehensive estate plan, you can ensure that your children are cared for by the people you choose and that their financial needs are met until they are old enough to manage their own affairs. Estate planning can be overwhelming, especially for parents with young children. Here are some key considerations for estate planning for parents with young children.
Name guardians for your children: One of the most important decisions you will make as a parent is who will care for your children if something happens to you. Naming guardians in your estate plan is crucial to ensure that your children are cared for by someone you trust and who shares your values.
Create a trust: A trust can be a powerful tool for parents with young children. A trust can be set up to manage and distribute your assets for the benefit of your children until they reach a certain age or milestone, such as finishing college or getting married.
Plan for incapacity: Estate planning is not just about what happens after you pass away. It’s also about planning for the possibility of incapacity. Creating a durable power of attorney and healthcare directive can ensure that your wishes are carried out if you become unable to make decisions for yourself.
Review and update your estate plan regularly: Life changes quickly, and your estate plan should reflect these changes. It’s important to review and update your estate plan regularly to ensure that it reflects your current wishes and circumstances.
At Voorhees Law Group PC, we are dedicated to helping parents with young children create comprehensive estate plans that provide peace of mind for you and your family. Our legal team can help you navigate the complex world of estate planning and create a plan that meets your specific needs and goals.
If you are a parent with young children and need help with estate planning, contact us today to schedule a free consultation. Our team is here to help you create an estate plan that protects your family and provides for their future.
To learn more if you have any questions regarding estate planning, please reach out to Kari at 909-334-1425.