What Should Parents Know About Estate Planning?

You need a will if you have children. Period.

You are a parent.

You have brought life into this world.

You have nurtured the lives of your children.

You have sacrificed for their futures.

Have you thought about what would happen were something to happen to you?

(That is a euphemistic way of saying you are "dead.")

According to a recent Fatherly article titled “How to Write a Will: 8 Tips Every Parent Needs to Know,” you need to be prepared for the worst.

If you die without a plan, your loved ones will suffer for your oversight.

Since you are reading this, it is not too late.

You should create an estate plan now.

What should you cover?

If your children are minors, you will need to designate a guardian in your will.

Without taking this step now, the courts will decide who will rear your children to adulthood.

Do not leave such an important choice for your children up to others.

Next, you will need to decide who will inherit your assets.

Often a will is sufficient.

In some cases, you may need more planning.

Do you have children form a previous marriage or children adopted by a spouse?

Are you and your current partner unmarried?

If yes, you may need to be take greater care in your estate planning to ensure you do not disinherit your loved ones.

Do you have heirlooms to pass along to your heirs?

Be specific when you detail who gets what.

This could eliminate unbecoming arguments over such stuff.

What happens to your estate, if your minor children inherit?

They will own the property, but will be unable to manage it until they turn 18.

Even when they do turn 18, they may not be mature enough to handle the responsibility.

In this case, you may consider creating a trust to provide protections and directions regarding the inheritance.

Estate planning involves more than merely planning for your death.

You also need to consider proper legal planning should you become incapacitated.

Who will make your health care decisions or handle your finances when you are unable to do so yourself.

Getting the proper powers of attorney in place will give you and your loved ones peace of mind.

When it comes to caring for your loved ones, you do not want to leave anything up to chance.

You do be derelict when it comes to such fundamental responsibilities.

Working with an experienced estate planning attorney will protect you from simple, yet costly mistakes were you to attempt to go it alone.

As Harry Nilsson put it, "one is the loneliest number." This even applies to DIY estate planning.

Reference: Fatherly (February 6, 2019) “How to Write a Will: 8 Tips Every Parent Needs to Know”