There is nothing we worry about more, as a parent, than our children. Thinking about their wellbeing consumes every waking moment of every day and so we do our very best to make sure they are safe, healthy and happy. However, what would happen if you were suddenly taken from them or incapacitated in some way? Who would care for your children then? It is never too early to think about making a will to ensure your kids are properly cared for if your sudden death should leave without you, but is a will sufficient? Actually, there is more you can do today to plan for your child’s future in the event you are unable to be there for them.
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First, Financial Wellbeing Is Essential
You are young and vibrant, so why would you even entertain the notion that you won’t be there to support your kids? The unfortunate fact is, you never know when tragedy might happen, or some disease should suddenly leave you unable to care for your kids to varying degrees, yes, even up to death. From the moment you have kids you should be thinking of their financial futures and should get some sort of life insurance so that they are cared for should you be unable to support them. Death is not something we like to think of, but you should.
Understand the Different Types of Wills and Estate Planning Instruments
Once you’ve seen to their financial wellbeing, you should seriously consider talking to an estate planning attorney. There are various types of wills and estate planning documents you can have drawn up and most parents don’t know that a will can be easily contested and held up in probate court for years on end. If you don’t have the proper instruction left on the appropriate types of estate planning instruments, the state and federal government might get more than their fair share of the value of your estate, leaving your kids that much poorer.
What Are Your Wishes If, and When, You Are on Your Deathbed?
Don’t forget the importance of a living will that maps out what steps to take should you be unable to decide for yourself what steps doctors should take if you are in need of life support. Do they keep you on it, or let you go peacefully? This is something you have a right to decide while you are of sound mind and body.
You need to consider everything from appointing guardians for your children in the event of your death to giving durable power of attorney to a trusted relative or friend if you should be unable to speak for yourself or the rights of your children. These are all important considerations which need to be made now because tomorrow might be too late. No one can predict the future, so take steps to plan for your child’s future while there is time. All legal documents can be modified over time if necessary, but if they are not there, there is nothing to protect your kids. Don’t let that happen. Talk to an attorney today.