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6 ESTATE PLANNING TIPS FOR PARENTS OF YOUNG CHILDREN

Davidov Law Group

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While all adults need comprehensive up-to-date estate planning, the parents of young children have additional considerations and complexity. Here are 6 estate planning tips for the parents of young children; if you have additional questions or concerns, consult with a qualified estate planning attorney.

1. Write a Love Letter

The most important inheritance you can provide your children is your love; document it in a way that is a good fit for you. For example, put your words down in a letter, make a photo album or a scrap book, or film a video.

2. Make a Specific Gift

In your will, trust, or a personal memorandum, referenced in your will or trust, provide instruction for a specific gift of a special personal possession or family heirloom for each child. Jot down why that possession is special and why it’s being given to that particular child.

3. Appoint First Responders

Execute a first responder authorization which authorizes trusted friends and neighbors to stay with your children in the case of an emergency until named guardians arrive. This avoids your children being placed into protective custody (i.e. foster care.)

4. Name Lifetime Guardians in a Stand-By Guardian Designation

Because your will isn’t effective during your lifetime, the guardians you appoint in your will have no authority during your lifetime. To avoid the cost, hassle, and time delay of court interference, grant authority to those same guardians in a stand-by guardian designation. Not only does this prevent court interference, but it also prevents family discord and your children being placed into protective custody (i.e. foster care.)

5. Appoint Guardians in Your Will

Name guardians for your minor children in your will; be sure to ask their permission, first, and to name contingent guardians, as well.

6. Use a Trust

Minor children cannot legally inherit; therefore, use a revocable living trust with individual life-time trust shares for your children; you can provide financial guidance, prevent disinheritance, prevent disqualification from governmental assistance, protect against addictive disorders, and provide asset protection.

If you have any children under the age of 18, you need comprehensive estate planning, incorporating these 6 tips for the parents of young children. Consult with a qualified estate planning attorney.

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If you’ve already handled your own estate planning affairs, you likely understand the importance of planning ahead and an up-to-date, comprehensive estate plan. What do you do if your parents haven’t created or updated their estate plan in years? It’s important to make sure that they have handled their affairs so that they can be in control of their future and your burden of assistance will be less. Take a look at the following information for advice on how to best help. If you have any questions, or if you’d like to help your parents begin your estate plan, contact an estate planning attorney.

  • Explain what you have done to plan. You can make your parents feel more comfortable about planning by sharing your own experience. It can also prepare your parents for some of the decisions that they will need to make during the planning process. It’s a nice, soft way of broaching the issue.
  • Recommend an estate planning attorney or offer to help find a great attorney. Your parents may be unsure about how to start the planning process. A good attorney will carefully walk your parents through the process. Working with an estate planning attorney makes the entire planning process easier and best ensures that your parents will have a quality plan that meets all of their needs.
  • Offer to help as soon as possible. If your parents continue to put off their planning, they won’t be prepared for an emergency such as a medical emergency. Make sure that you begin offering assistance as soon as possible.

You can make a difference by assisting your parents with their estate planning affairs. You and your parents will feel increased peace of mind, knowing all the legal documents are in place just in case.

If you have any additional questions about how you can help your parents with their estate plan, consult with a qualified estate planning attorney.

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Some estate planning documents are effective as soon as you sign them; others not until you’re incapacitated or die. You and your trusted helpers (i.e. executor, power of attorney agents, guardians for minor children, and trustees) need to understand when your estate planning documents are effective. After all, your trusted helpers only have the legal authority to act on your behalf when the documents are in effect.

  • Your Will

Your will is only effective if you’re dead; it has no authority and doesn’t get filed anywhere until then. Your executor files your will with the probate court and is then granted authority to act. It is then that the guardians for your minor children have the authority to make legal, medical, general welfare, and lifestyle decisions for your children.

  • Your Revocable Living Trust

Your revocable living trust is effective as soon as you sign it; however, your successor trustees don’t have authority to act on your behalf until the trust document says that they do. For example, trusts typically have provisions for disability (i.e. incapacity.) When that definition is met, your disability trustees have the authority to act on your behalf and manage trust assets.

The trust is not filed with the court and there is no need for the court to grant authority to the successor trustees (unless your trust provides for such.) Death (i.e. settlement) trustees have the authority to act upon your death.

You may name a spouse or an adult child as an initial trustee, along with, or instead of, yourself. Any person named as an initial trustee has authority to act as soon as the trust is signed.

  • Your Health Care Proxy

A health care proxy is effective if you cannot give informed consent to accept or refuse medical treatment.

  • Your Power of Attorney

A power of attorney is sometimes effective immediately; other times, it’s effective only when you are incapacitated.

  • Your Living Will

Your living will is effective if your doctors examine you and determine that you are in an irreversible coma or persistent vegetative state.

If you need additional assistance understanding when your estate planning documents are effective or think your documents are different than described above, consult with a qualified estate planning attorney.

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As your parents continue to age, their estate plan needs to be updated.  If you’re unsure whether your parents have done their estate planning, including long term care planning, it’s okay to chat with them.  While this can be difficult to do, these are important conversations to have.  Take a look at the following information, for advice on what topics to discuss.  If you have any questions, or if you’d like to assist your parents with their estate planning, contact an estate planning attorney.

  • Do your parents know how they’d wish to distribute property after their death?  If they have yet to create a will or trust, this is an important planning need.  A will or trust can outline property distribution wishes so that the right beneficiaries receive assets.  With no plan, your state’s laws will determine how assets are distributed and it may not be how your parents would wish.
  • Have they planned for possible incapacity?  A medical emergency can happen at any time.  It’s important for your parents to have an incapacity plan in place so that they can get help with their financial and medical affairs, even when they’re unable to communicate their wishes or give consent.
  • Have your parents considered their funeral planning wishes?  If your parents have particular wishes, it’s important that they voice these opinions, even put them in writing.
  • Have your parents considered where they stand on the use of end of life treatments?  A living will is an important planning document that allows individuals to express their wishes for end of life medical treatments and procedures.  Without a living will in place, you or your loved ones may have to make difficult decisions on behalf of your parents and this can cause family discord.

If you have any questions, or if you need help discussing your estate planning concerns with your parents, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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Many people don’t fully realize how beneficial estate planning can be in regard to family dynamics. Without an estate plan in place, your loved ones may argue and disagree with how your affairs are handled. Many people argue about property distribution, funeral wishes, and other important matters after a loved one dies. This is because they usually feel as if their needs weren’t met or thought of, or they feel that the deceased individual had different wishes in mind. Without a plan, it can be hard to guess what a person may have wanted.

Legal Documentation Makes Your Wishes Clear

By taking the time to legally document your wishes with the use of estate planning documents, your loved ones will be less likely to argue. This is because they will know that your wishes were expressed, and they will likely want your wishes to be respected. An estate plan offers an instructional guide as to how your affairs should be handled.

Communication about Your Estate Plan is Key

You should also communicate your estate planning wishes to your loved ones if you wish to avoid family discord. A conversation allows you to explain the decisions that you made. It can also serve as a way for your loved ones to have a greater peace of mind about the future, because they will know that you’ve made necessary planning decisions and they’re protected.

Communication is important in all families, but it is especially important in blended families and if you’ve made “unusual” or unexpected decisions. You can avoid life-long family conflict with a good estate plan and a conversation.

To Protect Your Family, Get Your Estate Plan in Place

Take the time to handle your estate planning needs as soon as possible. Avoid the possibility of creating unnecessary conflict in the future. If you have any questions about how estate planning can be beneficial for your family’s future, consult with a qualified estate planning attorney.

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As your loved one continues to age, he or she may show signs of the need for long term care in a more supportive environment. It can be difficult to decide if long term care is really needed. If your loved one is having trouble getting around the home, or if you feel that the home is unsafe, it may be time to consider other options. To learn more take a look at the following information. If you have any questions, or if you’d like to discuss long term care options, contact an estate planning attorney.

When It’s No Longer Safe to Live at Home

Your loved one may want to age at home, but in some cases, his or her home may be unsafe. This can be especially true if your loved one has been falling frequently or if he or she is unable to move around the home with ease. It’s important to carefully consider all available options, so that you can choose a safe living arrangement for your loved one.

There are some factors that you will want to consider:

  • Does your loved one lack the ability to move throughout the home safely?
  • Is his or her memory loss beginning to put him in unsafe circumstances?
  • Does your loved one seem to have more slip and fall accidents lately?
  • Does your loved one need constant supervision at home?
  • Is your loved one unable to independently manage basic needs such as toileting, feeding, dressing, and transferring?
  • Is it impossible for your loved one to reach necessary items in the home?
  • Does your loved one have fears about being left alone?

These are some signs that it may be time for another, more supportive, living arrangement. There are a variety of long term care facilities that make it possible for your loved one to get the extra assistance that is needed, while living a safe and comfortable life. An estate planning attorney can help you review your options, and may even be able to suggest facilities.

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Creating an estate plan doesn’t only have to include making difficult decisions. When creating your plan, you’re able to make choices for the future. This includes having the opportunity to have fun with some of your planning decisions. Take a look at the information below, to see how you can have some fun with your estate plan. If you have any additional questions, or if you’d like to begin creating your estate plan, contact an estate planning attorney.

  • With your estate plan, you’re able to give to back to a favorite charity. This can be a great way to benefit an organization that you’ve always loved. Many people choose to give to an organization that has had an impact on their family or friends. This may include gifting to Susan G. Komen for the Cure or the American Cancer Society. If you choose to gift to charity, carefully consider an organization that is special to you.
  • You may also choose to give to your loved ones in a special and meaningful way. Many people choose to leave assets for their loved ones so that they’re able to achieve their goals. You may decide to leave asset for a grandchild to attend college or for your daughter to fund her career ventures. This can be a great way for you to make an impact on your loved one’s lives while also leaving a special memory along with your gift.

Creating your estate plan doesn’t have to be an upsetting process. While you will be forced to make some difficult decisions, there are also many other things that you can do with your planning. If you have any questions about fun and creative things you can do, consult with a qualified estate planning attorney.

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A will is an important planning document that every adult needs. However, it doesn’t prepare you for all of your needs. Many people assume that a will can be used during incapacity, “I named my son as my executor.” Unfortunately, this is won’t work. Take a look at the following information, to learn more. If you have any questions, or if you’d like to create a will or other planning device, contact an estate planning attorney.

Your Will is Only Effective after Your Death

When you choose to create a will, you’re planning for the future. Your will is only utilized and only becomes effective after your death. While you create a will during your lifetime, it can’t be used during your lifetime to make decisions. If you become incapacitated, you will need to have other documents in place.

You Need a Power of Attorney and Health Care Proxy during Your Lifetime

You may choose to create a power of attorney and health care proxy. A power of attorney allows you to make sure that your and financial affairs are in order during your incapacity, while a health care proxy allows you to make sure that your medical affairs are in order. Your agents will be able to make decisions on your behalf.

Consider a Living Will

Additionally, you may also choose to create a living will. This gives you the opportunity to spell out your wishes regarding the use end of life treatments and procedures. Many people choose to make decisions about the use of life support.

Consider a Revocable Living Trust

Another option is to consider creating a revocable living trust. You can give an individual, a disability trustee, the authority to mange your trust’s assets during incapacity.

Where to Get More Information and Help Putting a Disability Plan in Place

It’s important to have the right planning documents in place, so that your needs are met. If you have a will, know that it doesn’t protect you during incapacity. If you have any questions about how to properly utilize incapacity planning documents, consult with a qualified estate planning attorney.

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If you’re thinking about the estate planning tools that you want to utilize, you’ll likely consider the use of a living trust or a living will. It’s important to understand that these documents are very different and are used for different reasons. While not everyone may choose to create a living trust, most people choose the use of a living will. Take a look at the following information, to better understand these planning tools. If you have any questions, or if you’d like to create a living trust or a living will, contact an estate planning attorney.

What are the benefits of a living trust?

A living trust is a planning tool that allows you to accomplish a number of things. For one, it allows you to have full control over your assets during your lifetime, even during incapacity. Second, if used correctly, it also allows the assets in your trust to avoid probate. Third, you can include special needs planning, charitable planning, pet planning, legacy planning, asset protection planning, and bloodline protection planning in your trust.

Why would I want to use a living will?

A living will is an estate planning tool that allows you to make important end of life decisions ahead of time. If you become incapacitated and are in an irreversible coma or a persistent vegetative state, this document is used to determine the medical treatment that will be permitted and that which will not. Many people use this document to outline their wishes regarding the use of life support. If you don’t want to remain hooked up on machines in order to live, then you want to create this planning document.

Make sure that you understand the differences between these important documents. This will allow you to create a plan that fits in with your needs and goals. If you have any questions, or if you’d like to create a living trust or a living will, consult with a qualified estate planning attorney.