If you are a parent of minor children who are counting on you, your estate plan must begin with ensuring your children will always be taken care of by the people you want, in the way you want, no matter what happens.
Without advance legal planning for the care of your children, if the unthinkable happens to you, here’s what could happen:
Yes, even if you have a Will or a Trust in place. And yes, it would very likely only be temporary, but do you want your children in the arms of strangers?
Your family could get into a long, drawn-out custody fight, or there could be a challenge to the guardians you have designated. Meaning, a judge who does not know you, or your family, would decide who will raise your kids.
Like that one family member who has good intentions, but you’d never want raising your kids.
Assets lost to court costs and other unnecessary fees through the probate process. A process that can tie up your assets for years and deprive your kids of the resources they need to live comfortably.
When your kids turn 18, they get a check for whatever assets you left them without restrictions, guidelines, or guidance. There are people out there who monitor public records in order to find out when 18-year-olds are getting their inheritance checks.
Through tools like letters to your caregivers and guardians, your estate plan can communicate your parenting wishes, values, and goals – providing meaningful guidance beyond finances, especially in areas like education, religion, or lifestyle.