Many people are prone to procrastinating estate planning because it is not a top priority or a favorite topic. While most 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 the team of people who can support you and your family in the event of a crisis.
The most important decision for parents is determining a testamentary guardian who will take care of your children if you, your spouse, or both were to 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 have the conversation with your chosen guardian so that they are on board too.
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 to 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 that is something you will want to discuss with an attorney.
Personal Representative, Beneficiaries, Power of Attorney, and Healthcare Power of Attorney
Other roles will need to be specified like a personal representative to 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 with an understanding of your priorities.
Making sure you are taken care of in the meantime is significant too. Appointing someone to make both financial and health care decisions if you were incapacitated will ensure that the bills are paid and you receive the healthcare you want. A power of attorney and health care power of attorney are essential to some of the most important tasks in an emergency situation.
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, 864-804-6330.