Planning your estate is always a good idea, particularly when you have young children who depend on you for daily necessities. Understanding the role an estate plan plays in protecting your children may give you the incentive to start strategizing right away.
Without an adequate plan in place, your children’s care may rest with the courts. Planning for the unpredictable may give you better control over your children’s well-being if something tragic happens to you.
Caring for children requires financial stability. Children, like everyone else, need food, water, shelter and clothing. Depending on your children’s interests, they may participate in extracurricular activities including athletics and arts. If you have a child with disabilities, the aspect of financial planning for the future becomes even more critical.
Creating an estate plan allows you to financially prepare for the needs of your children. You can outline your expectations for their care and set aside money to fund their educational pursuits.
Another reason to establish an estate plan when you have young children is to help everyone emotionally prepare for an unexpected circumstance. According to CNN, it is never too early to begin planning. When you and those close to you know who will take the responsibility of caring for your children, everyone may feel more prepared to handle an unexpected situation. You can have peace of mind knowing that your children will continue to receive loving care from people you trust and respect.
Putting together an estate plan takes time and requires thought. You may want to hire an attorney to help you legalize your plan and verify its ability to function the way you expect it to. Your proactive planning may make a considerable difference in the well-being of your children in the future.