Our hats off to you! Carrying the load alone of raising children and working is not for the faint of heart. You have stepped up to the plate and fully accepted that challenge. We’re sure that it hasn’t always been easy, but you have committed to taking care of all matters associated with the provision and care for your children. We commend you on a job well done!
Parents with Minor Children
You are now considering steps necessary to make sure your children will be cared for properly if you meet an untimely death (or become incapacitated) during their childhood. Questions such as:
“Who would gain legal authority as guardian?” and “Who would handle money for them?”
have crossed your mind multiple times. In addition to those considerations, you might have also discovered the following:
- It is possible, and even likely, that your children will live with their other parent once you’re gone;
- If the other parent retains custody, your assets could end up in his/her hands; and
- The children could have full access to all of the assets available to them at age 18.
For some, each of the above are scary to consider. Proper planning through the use of a will or trust, however, can provide assurance for you that the assets will be handled correctly, on behalf of your children, by the people that you select.
Parents with Adult Children
Even if your children are adults you recognize the importance of ensuring that your assets are handled appropriately in the same event of your death. We have all heard about conflicts that arise when a loved one passes.
These conflicts seem to escalate when the deceased individual is a parent.
Even if no conflict arises, you would likely want to help your children avoid court proceedings or processes if possible. Strategic will or trust planning with an estate planning expert will aid you in satisfying this interest.
Contact us to schedule a time for us to chat. We look forward to hearing from you!