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?” As a dad myself, my answer is that when you are the parent of a young child or young children, that is when estate planning is most important.
Here’s why:
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, and so 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 of your kids physically, emotionally: your guardians.
You need people in place who can take of the money, the bank accounts, the investment accounts: your financial guardians, or trustees.
Again, when your kids are young they can’t do these things for themselves. They really won’t be able to do them 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 thing for you.
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 a part of their comprehensive estate plan:
- Kids Protection Plan
- Will
- Living Trust
- Health Care Proxy
- Durable Power of Attorney
To learn more about these documents, what they do for you as the parent of a young child or young children, 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 have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.
Be sure to like, share or comment on this video on our Facebook page to be entered into our National Estate Planning Awareness Week contest, to win an Estate Planning Package for your family. There will be new information, and a new chance to win, each day.
To your family’s health, wealth, and happiness!
David Feakes
David Feakes is a Personal Family Lawyer and the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. Amanda helps parents protect the people they love the most.
The Parents Estate Planning Law Firm, PC
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