For most young families, estate planning is often the very furthest thing from your mind, but this is a situation where everyone should expect the best, but plan for the worst. If one or both parents should die, who will take care of your children? Where will the money come from to provide for them? If you have a child with special needs, the need for planning is even more pressing.
Often, thinking about our own untimely death can be uncomfortable, but an estate plan is something all parents of minor children should have. Consult an estate planning attorney who will review your financial situation and your total assets and help you create a plan to ensure that your children will be provided for if both parents were to die.
Your minor children will need to have someone appointed as their guardian. As the child’s guardian, the person you appoint will be responsible for the child’s upbringing until age 18. The guardian will need to make all major decisions about the child’s education, religious instruction, and medical treatment, which is a serious commitment.
What funds will be used to provide for the child?
If you create a trust to own life insurance policies, real estate, and other assets for the benefit of your children, who will manage it?
The children will also need someone named as their conservator to handle their financial needs.
Will you choose the same person to be both conservator and guardian? If not, will the two be able to work together in the best interest of your child?
As difficult as the topic of your writing your will can be, it is something you need to do now if you have minor children. Nobody knows what the future holds, but a will can help you prepare and give you peace of mind knowing your children will be properly cared for in the event of your untimely death.
At the estate planning law firm of Gorman & Jones, PLC we are experienced and sensitive to the difficulties of contemplating being separated from your children by death. Our attorneys will guide you through the best choices for your family.
Call Gorman & Jones, PLC today to arrange a time to come in and talk to us about preparing a will. We have both day and evening hours and conveniently located office in Tampa, Florida and can meet with you during the business day or evenings.
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