A question I often get asked is “Why is estate planning so important for me as a parent of a young child or of young children?” It’s simple: when you are the parent of a young child or young children, that is when estate planning is most important.
You’ve got young kids. They can’t take care of themselves. They can’t take care of the assets that you leave to them while they’re still young. You need people in place who can take care of all of those things for them, if something happens to you.
You need people in place who can take care of your kids physically and emotionally: your guardians.
You need people in place who can take care of the money, the bank accounts, the investment accounts: your trustees.
When your kids are young they need people in their lives who will give them guidance and advice. They won’t be able to manage financial responsibilities legally until they are 18, and even after that they may not be mature enough yet to do so wisely until they are much older. That’s why, when you are the parent of a young child or young children, estate planning is the most important planning you can do for your family.
The Five Legal Documents Every Parent Should Have:
To get started, we recommend that all parents of young children have these five legal documents created as part of their comprehensive estate plan:
- Kids Protection Plan
- Living Trust
- Health Care Proxy
- Durable Power of Attorney
To learn more about these documents, download our free “5 Legal Documents Every Parent Should Have” guide.
We can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session. If you would like to discuss estate planning for your family, call our office today to schedule your planning session.
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To your family’s health, wealth, and happiness!
David Feakes is the founder and owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. David and his team help parents protect the people they love the most.