Planning for Children
When you have minor children, estate planning is vital to assure the well-being of your family if something should happen to you.
Why is it Important to Plan?
Life happens. As much as we like to think we are invincible, unfortunately, we are not. If something should happen to you and your child’s other parent, and there is no legal plan in place, a judge will determine who will raise your children and who will manage your children’s money.
Because a judge does not know your parenting style and values, the judge may select someone to raise your children whom you would never choose. The judge could also appoint someone to manage your children’s finances who you believe will mismanage the money or act against your desires or your children’s best interest.
Without proper legal planning, children will often receive their entire inheritance at age 18, which is typically too young for them to responsibly manage a large inheritance. Without direction or guidance, the inheritance can quickly be wasted and subsequently be unavailable when needed later in life.
How Does Legal Planning Help?
Legal Planning puts you in the driver’s seat and protects your children. It allows you to choose the people who will take care of your minor children if you die or become incapacitated. Planning also allows you to choose who will manage your children’s assets. This person can be different from the one who will care for your children.
Secure your children’s well-being and their financial future. Schedule a complimentary consultation with Ed, an Accredited Estate Planner® at Parsons Behle & Latimer, leveraging over 25 years of experience in estate planning for families.
Ready to discuss your estate planning needs?
Every estate plan is as unique as the individual it serves. As an accredited Estate Planner at Parsons Behle & Latimer with over 25 years of experience in estate planning for families, Ed can help you better understand what plan is best for you. Reach out today for a complimentary consultation.
