Parents have a seemingly endless “to do” list, but one important item that may not be on their radar is estate planning.
Many people, single and married, think they do not have enough assets to warrant such attention. If you are a parent of minor children, your assets are not the main consideration.
The most important reason for estate planning is to select a guardian for your minor children in the event of your death or incapacity.
Every parent should carefully consider whom to appoint as legal guardian for their minor children. Factors to consider are a person’s age, physical condition, and ability to handle such a long-term responsibility as a day-to-day caregiver.
Location may also be an issue if children are already in school and have an established support system of friends and family in their hometown.
Sometimes, a second guardian is appointed to handle financial assets. While not required, there are often good reasons to do so.
This allows two different people to monitor your children. Also, as a practical matter, Uncle John and Aunt Jane might make great caregivers, but perhaps Aunt Judy is much better with money.
Remember – if your children need a legal guardian and you have not named one, a Court will make that decision for you.
If you have questions about estate planning for you and your loved ones, consider joining us for one of our educational workshops to take the first step in discovering what you need to know to move forward. Just click here to RSVP today! We look forward to seeing you!