Planning for your family’s future is an essential step in ensuring they are well cared for in the event of your death. Preparation does wonders for their well being.
An estate plan should include the elements necessary to meet your end-of-life needs and care for loved ones after your death. If you are a parent, creating an estate plan is tantamount to having a say in what happens to your children. Making sure they get the care they need as minors and young adults takes thought and careful planning.
Having a say in who raises your children
In the event of your death, someone needs to care for your children. If you die without an estate plan, which includes a guardianship designation, your children may end up in the hands of someone you do not like. Therefore, to ensure you have a say in who raises them, you should designate a chain of guardianship in your estate plan.
Choosing a guardian
The task of choosing who may have to take your place as a guardian is difficult. You and your spouse may agree straight away, or you may have to negotiate and compromise. First, you need to agree on who you do not want to raise your children. Next, look at those you are closest to and decide who will raise your children most like you. Do they have the same core values? Will they continue with traditions you started? Will they love your children as their own? These are all questions that only you can answer.
Starting a trust
A trust is a way to pass on money to your children. It is also a way to give a guardian money to help care for the children while they grow. A trust is a great way to control the financial flow for your children as they grow. The person responsible for administering it can differ from the guardian.
Caring for your family is a priority. As such, creating an estate plan now allows you to keep doing so, even after you pass away.