Estate Planning for Parents of Young Children

A high percentage of young adults are unprepared from an estate planning perspective. Many of these people are single individuals who do not have children. However, there are also parents of young children who are going through life without any estate planning documents.

This is a huge mistake that is akin to a gamble. You know you are going to die someday, but you expect to live a normal life span. At the present time the average life span of 78 years. If you are in your 20s, 30s, or 40s, you may decide that you will have time to plan your estate later on.

In truth, statistically speaking you probably will have time, but there are no guarantees. Responsible adults consistently take steps to protect themselves from things that probably won’t happen. This is what car insurance and homeowner’s insurance is all about.

Individuals of all ages pass away, and you never know what the future holds. Catastrophic events do happen, and they can happen to anyone.

When you plan your estate you are taking steps to protect your loved ones. Parents of young children should certainly take action.

Nominating a Guardian

Now that we have provided the necessary background information, let’s look at the nomination of a guardian. When you are drawing up your last will as someone who is a parent of minor children you can include such a nomination.

When you do this you are naming someone to care for your child or children in the event of your death.

Of course, if both parents are alive with legal custody, the surviving parent would take over should the unthinkable take place. The nomination of a guardian would become relevant if there was no one left alive who was legally empowered to raise the children.

If you do not nominate a guardian as you plan your estate, the decision could be left in the hands of the state of New York. The outcome may not be consistent with what you would have wanted. In addition to this, everyone in the family may not be on the same page. There can be contentious interactions that ultimately have a negative impact on the children.

Estate Planning Consultation

Just about every parent would tell you that their children come first. They say they would do anything for their children. At the same time, many of these same individuals are going through life completely unprepared for death.

If you would like to take action to put a plan in place for the well-being of your children, contact our firm to schedule your assessment. We will get to know you, gain an understanding of your family dynamic, and ultimately make the appropriate recommendations.