Including immediate child care needs in an estate plan

On Behalf of | Aug 13, 2018 | Estate Planning | 0 comments

Many Tennessee residents are well aware of the financial and practical benefits of estate planning. By preparing key documents, estate owners can help their beneficiaries to avoid unnecessary taxes, probate costs and associated delays. In addition, people who plan for the future often feel a profound sense of peace of mind knowing that their loved ones will be provided for.

For parents in particular, developing an estate plan is an important way of ensuring that their kids will be supported in the future. Parents can develop a structured way to provide wealth to their children by creating trusts, and they can name their proposed guardians for their children in their wills. When both parents pass away suddenly or unexpectedly, however, there may be a need for immediate support for the child before guardianship is confirmed by the court.

For this reason, parents may want to consider creating a separate document to lay out plans for the immediate care of a child. These document can include contacts, information about immediate financial support and a short-term guardianship plan before the long-term future of the child is affirmed by the court. Such issues could be considered “micro estate planning.”

Estate planning can be simple or complex, depending on an individual’s unique needs and wants. Parents in particular have a need for a comprehensive estate plan that includes powers of attorney, trusts and a will. An estate planning lawyer can help a parent achieve their goals for the future of their assets and provide for their children.