Creating an estate plan is not for the elderly and infirm. If you wait until you desperately need an estate plan, you are too late. Once you accumulate any amount of assets, estate planning should be a priority. This is especially true for parents.
Parents who do not create a customized estate plan put their children’s future at risk. According to Caring.org, only 33 percent of Americans have a trust or will. Do not be a part of this statistic. Start planning for the well-being of your children today.
Keep guardianship out of the courts
Without an estate plan in place, the courts step in and decide who will take care of your children. You must designate a guardian for your children. Otherwise, your family will spend unnecessary time and money in court. Also, the person they choose to take care of your children may not be who you want.
Protect your children’s health
When a court chooses your children’s guardian, no one else may authorize medical treatment for your children. Only the parents or a legal guardian can consent to medical treatment for minors, so delaying the guardianship process puts your children’s health in danger.
Keep your children’s inheritance
When you create a living trust, all the assets in the trust pass to the beneficiary without the need for probate. Creating an estate plan saves money for your children, allowing them to receive a larger share of your assets.
Estate plans are not one size fits all. Every family needs to carefully consider their situation and develop a plan that considers their children’s best interests.