Estate Planning And Your Children

On Behalf of | Dec 12, 2020 | Firm News

Estate planning by new or young parents is an often-overlooked aspect by new or young parents. At the most basic level, an estate plan will include a Will, a Power of Attorney, and a Health Care Directive. Younger people tend to either not think about estate planning at all, or they shrug it off thinking that because they are young and in good health that there is no need for estate planning because they believe that they do not have much in the way of assets and estate planning is just one other expense that they do not need.

This way of thinking is misguided. We find that people often do have more assets than they think. Moreover, even if they do not, there is still a power of attorney and health directive to consider. Young parents have an even more important consideration, their children. What happens to the young child when their parents are either incapacitated or pass away?

For those that do not plan, their loved ones are forced into the probate process where the court will appoint someone to make financial and health care decisions. Your child could end up being temporarily in foster care until the court appoints a person to care for them until you either recover from incapacitation or until they turn eighteen.

Did you want to leave assets to your children? Without a plan in place, the court will appoint someone to maintain the assets on behalf of your children until they reach the age of eighteen. The court may end up choosing someone that you would not have otherwise chosen.

If you would like to have a consultation regarding planning your estate, please call our office at 612-827-3833 to speak with our attorneys.