Many people are prone to procrastinating estate planning because it is not a top priority or a favorite topic. While most people have plenty of time before a will is needed. Parents of young children have good reasons to think of estate planning now. Estate planning is a gift to your children and your extended family. Consider building a team of people who can support you and your family in the event of a crisis.

Testamentary Guardian – Estate Planning

The most important decision for parents is determining a testamentary guardian who will take care of their children if they, their spouse, or both pass away. Having this conversation now will allow you to decide together whether a grandparent, aunt, uncle, or family friend is the best person to step into this role. You will also want to talk with your chosen guardian so they are on board.

Financial Trustee – Estate Planning

Your chosen testamentary guardian may or may not be the same person you want to manage your finances. A financial trustee can guard your children’s money and ensure they are well taken care of, and you do not want to leave this decision to the court. A trust may or may not be right for you, and you will want to discuss it with an attorney.

Personal Representative, Beneficiaries, Power of Attorney

Other roles will need to be specified, such as personal representative, beneficiaries, and power of attorney. A personal representative will walk your estate through probate and beneficiaries for insurance and retirement accounts. The correct people in each of these roles should be coordinated. So that everyone is on the same page and has an understanding of your priorities.

It is also important to ensure that you are taken care of in the meantime. If you are incapacitated, appointing someone to make financial and healthcare decisions will ensure that the bills are paid and you receive the healthcare you want. A power of attorney and health care power of attorney is essential to some of the most important tasks in an emergency.

Working with Qualified Counsel Over Time

You will want to continue to update your estate plan over time. As you encounter new life events, such as additional children, the passing of a designated guardian or personal representative, or a change in financial circumstances, your estate plan can change with you. A review every year or two will ensure your plans reflect your desires.

Working with our qualified lawyers will not break the bank. Hyde Law Firm, P.A. offers an estate planning package that includes a will, living will, power of attorney, and health care power of attorney for a single rate.

Contact us today to schedule your consultation at 864-804-6330.

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