If you have recently started a family and have very young children, estate planning is probably at the back of your mind. However, it is crucial that you plan out your estate, because the future is unpredictable and you could die at any moment. If you do and do not leave an estate plan behind, there will be no testament or written document as to how you want your estate divided. This is a scary thing to think, so it is vital that you have a documented will in place now rather than later because life is unpredictable. Although many individuals do not know this, an estate plan can be changed whenever you feel it is necessary, so there is no reason to procrastinate writing one. An estate plan or written will can provide you with the tools to select beneficiaries who can make medical decisions for you in the event that you are incapacitated or cannot speak. You can even make sure that in your estate plan, you specify what actions you would like your doctor to take if you were to become incapacitated. Writing an estate plan or will may also allow you to select which individuals can use your funds to pay your medical bills and other obligatory bills while you are in recovery or incapacitated.
Deciding Who Will Raise Your Children
The most beneficial reason to create an estate plan or written will is so that you can decide who you want to raise your minor or special needs children after you pass. If you and your partner die without having an estate plan in place, it is left to your state to decide who will take care of your children. Writing up an estate plan will help in giving you peace of mind because you will know who will raise your children after you die, and because you will be alleviating your loved ones of stress associated with estate planning. When creating your estate plan, you will have to make a list of all your assets, debts, and accounts that exist. You can designate certain assets to individuals, no matter the financial value. You may also want to take this time to check your designated beneficiaries if you have remarried because a lot of individuals forget to do so. By creating an estate plan, you can make sure that your family will not have the burden of guessing your last wishes. They will know what your ideals were regarding your finances, distribution of your assets, and upbringing of your children. They will already overwhelmed with grief after your death, so having a plan laid out for them in the event that you die will be of great help.
Contact an Attorney
You may want to reach out to a lawyer, like an estate planning attorney O’Fallon MO trusts, so that you can get help and put a plan into a legally binding document. Your loved ones will very much appreciate it in the event of your death.
Thanks to our friends and contributors from Legacy Law Center for their insight into implementing and estate plan with minor children.