Most people think of estate planning as something only the rich or the elderly need. That misconception could not be further from the truth. Every adult needs some form of basic estate planning, or as most people refer to it —a will, a trust, or guardianship papers. And while all adults need some form of basic estate planning, there is one group of people who actually need estate planning more than the rich or elderly, and that is families who have young children.
As an estate planning attorney, and also as a mom of four young kids, I fully get that parents make their children’s world go round. We feed them, we bath them, we take them to sports, we cuddle them, we discipline them, we pour our insights and beliefs into them, we try and be better people for them, and we never ever ever stop worrying about them. There is nothing we would not do for them! They count on us to make their world go round.
When parents of young children become incapacitated or die, their child’s world as they know it ends, at least temporarily, until someone else is transitioned in to take over. For parents who do have not actively planned for the “just in case something happens to me” scenario, this temporary or transition period can last years as the courts try and sort out who will raise the kids and what to do with their late parents’ money. Eventually, the courts will sort through it, and the transition period will end. Unfortunately, however, the consequences from parents not having done their estate planning can negatively impact their children for their lifetime.
If you are a parent of a young child, let me encourage you to take care of your estate planning now, before something really does happen. Through proper estate plan, you can make sure that your child’s world would always go round, no matter what happens in life.
Contact Meier Law Firm today to see how we can help you can start getting the protections your young family needs.