We all hear about “risk/reward” equations. Ask yourself this: What is the reward when you go through life without an estate plan as the parent of a young child or children? And, what exactly is the risk?
It’s hard to find any type of reward that goes along with failing to plan ahead for the well-being of your children. When you hear about a very challenging situation that could have been easily avoided with some simple advance planning it is quite sad to say the least.
On the other side of the ledger, the risk is considerable if you have not named a guardian or made any type of financial arrangements for the well-being of your children should the unthinkable take place.
Many people in the field of estate planning would suggest that planning ahead is more important for younger adults than it is for older ones.
This may sound counter-intuitive on the surface because older people are more likely to pass away. However, what about the consequences?
Yes, someone who is 80 years old is more likely to die than someone who is 35. However, this hypothetical octogenarian will have children who are probably in their 50s. It is very likely that these individuals will be self-supporting by that time.
On the other hand, the 35-year-old parent is going to have minor children in the home in most instances. They are far more vulnerable than the middle-aged children of the 80-year-old parent.
Many people who would say that their children are more important to them than anything are going through life without an estate plan. This is truly not acceptable. If you are among them, right now would be a good time to contact us to set up a free consultation so that you can take the appropriate steps for the well-being of your minor children.