Top Five Reasons Parents Need to have an Estate Plan
Top five reasons parents need an estate plan
To name a guardian
If something were to happen to you, who would take care of your children? You might have a name in mind already but it means nothing unless it is written down in a properly executed will. Don’t leave this huge decision up to the judge. How to answer this tough question?
To avoid a court-imposed guardianship
Additionally, if you don’t have an estate plan, a judge will have to step in and decide who will get guardianship of your children. Not only could this take a long time, but it could cost your family a lot of money in court.
To authorize medical treatment for your child
Only a parent or properly appointed guardian may direct medical treatment for a child. You don’t want to risk leaving your child parentless and without a guardian should something happen to him or her before a guardian can be appointed by a judge.
To make sure your children get the most money possible by avoiding probate court
If you are leaving money or assets to your children and you do not have an estate plan, your estate will have to go through the probate court process. I can help eliminate this process in a cost effective manner that will end up saving you and your children time and money.
To determine when your children should have total control of their inheritance
If you do not have an estate plan and your children are minors two things could happen. First, the legal guardian who is appointed by the court could have total control of all the assets and use it as they see fit for your children. Second, your children could end up receiving a lump sum payment of your total estate at the age of 18 with no limitations.
These are only five common reasons on why you need to have an estate plan if you are a parent. Please contact us if you have any questions about this process, or to schedule an appointment.
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