Many parents with young children don’t understand the full importance of estate planning. An estate plan not only protects you and your assets, but it can also serve as a way to protect your children.
There are certain estate planning steps to follow in order to make your plan effective and allow you to make sure that your children are always cared for.
Take a look at some of the tips below. If you have any questions, meet with an attorney.
- Cerate a will and designate a guardian. While this can be a very hard decision to make, it’s necessary. If you’re ever unable to care for your children, you want to make sure that the right person is taking care of them. It takes a lot of thought and consideration to choose a guardian who you think will be able to handle all of the responsibilities that go along with caring for your children.
- Discuss your choice with the guardian who you’ve decided to name. You want to make sure that he or she is willing and capable to care for your children. It’s also a good idea to discuss some of your personal goals about how you’d like your children to be raised. This can help give everyone a better understanding of the commitment as well as what is expected.
- Purchase life insurance. If you want to make sure that your children are still cared for after your death, you likely need to purchase this valuable insurance. Your life insurance proceeds can be used to pay for the care of your children. Just because you have nominated a guardian does not mean that they will be able to handle all financial aspects of caring for your child.
Parents with young children who are looking for estate planning advice, should consult with a qualified estate planning attorney and check out part two of this two part article.