As a parent, or someone who is soon-to-be, you may be thinking about the future according to an estate planning attorney from Silverman Law Office, PLLC. Not only do you have to babyproof your home or buy the right car seat, but there must be a plan to ensure that your child can continue to get the care they need if you were to no longer be around. Being a parent means having to think about and plan for very serious topics, such as what would happen if you were to pass away before your children are legal adults. Who would you want to be their guardian in such a situation? Of course, no one enjoys thinking about scenarios like this, but if they happen, you will be glad that you devised a plan ahead of time.
It’s a difficult thing to assess our own mortality, and having children has a way of bringing this thought to the forefront. It’s common for new parents to procrastinate when it comes to estate planning, but it’s not a wise choice to delay having one. With advanced planning, you can rest easier knowing that your children will be well should you pass away or unexpectedly become incapacitated. Whether you have children now or want to have them soon, now is the time to start thinking about their future.
Who do you want to care for your child or children if you pass away? If you have a partner or spouse, what if something happened to them too which left your children alone? If you don’t make your preferences known by writing them in an legally-binding estate plan, it can put your children at risk for a future that you would not have wanted for them. Imagine the ease you would feel if you knew exactly who would fill your place as guardian to provide them with a home, love, and support.
At first look, devising a durable financial powers of attorney may not seem directly linked to your children, but it can impact them in ways you had not realized. For instance, if you become incapacitated, you will need someone to take over and handle your finances. Who you choose as your durable power of attorney would perform transactions with banks or credit unions, pay or file your taxes, transfer property to a trust, manage your retirement accounts, and more. The person you appoint as your durable power of attorney must be someone who shares your financial philosophy, agrees to this role, and exhibits reasonable judgment. They should also be someone who would have your best of interest in mind and act based on your wishes.
If you are considering having children, or have them already, then now is the time to create or update your estate plan documents. This paperwork is imperative to ensuring that your wishes, and those for your children, will be followed in the event of your death or incapacitation. You may know what your wishes are in your mind, but unless you take that to paper, who will anyone know what you would have wanted? Consider speaking with an estate planning lawyer near you for guidance on how to get started writing your estate plan.