How Estate Planning Affects Your Children
From your children’s first day of school to their college graduation, you strive to prepare them for any situation. However, many parents forget about one of the most important ways that they can look after their kids — an estate plan.
Through your will, you can outline exactly who your children’s legal guardian should be in the case of your death. If you do not have a will, a state court appoints a guardian for your children without knowing what your wishes may have been. Not having a clearly defined guardian for your children may cause additional stress and leave room for arguments among survivors.
A will also allows you to have a discussion with your partner and (if appropriate) your children in advance. Together, you can decide who would be the best guardian to properly care for your kids in your absence.
Securing financial stability
Through an estate plan, you can ensure that your children receive the financial support they need as they grow up. Whether through a living trust or a will, you can outline exactly how you want to pass down your assets to your children. Additionally, it is wise to have a life insurance policy that can provide immediate access to funds for your family members. Together with your attorney, you can discuss the right planning options for your situation.
Giving direction and authority
In the unfortunate event that you are incapacitated, you will want to ensure that you have authorized designation of health care surrogate and power of attorney to handle both your health care decisions and your finances. The individual(s) you select may be appointed to make decisions regarding your medical treatment and the handling of your assets and property. Establishing power of attorney and health care surrogate designation protects your interests and prevents your kids from involvement in disputes.
For further guidance on how estate planning can benefit your family, speak with a dedicated Tampa will and trust attorney at BaumannKangas Estate Law.