Why is it Important for Parents of Young Children to Have an Estate Plan?
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This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. If you want to know more about Estate Planning, schedule a free consultation with us.
So why is it important for parents to have an Estate Plan? Young children present an issue that doesn't exist with other types of estate transfers. If you have got young kids, you need someone to take care of them. And if you don't put something into place that names the guardian, then there's going to have to be a court process to determine who should be that guardian. This can be a contested process. If there's more than one person who thinks that they should be in charge, then there can be a court fight about who's best fit to do it.
If you can name that person ahead of time, which, you can, that eliminates that potential fight. It keeps them not only out of a costly court battle, but it keeps that bad blood from coming up and a conflict that can last the rest of your kids lives. Apart from that, from a purely financial perspective, figuring out who is going to be in charge of assets that you might leave to your kids and structuring that in a way that's not going to be cumbersome for the people that you left behind is going to help them stay out of the court process. It's going to keep them from having to report to the courts on an annual basis about what they've done, and it can really help with the quality of life for the people that you've left in charge when they're dealing with the lives of your children.
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