Parents know, the kids come first in so many ways. We know this even before we hold our new babies in our arms. As parents, we work every day to provide for our children. This means to provide for them financially, emotionally, and in so many other ways. It’s true that a parent’s job never ends. Fortunately, through estate planning, you can make sure your children are cared for into the indefinite future, regardless of what may happen to you on this unpredictable path that is life. Here, we are going to talk about why it is so important for parents to set up an estate plan.
Why New Parents Should Consider Setting Up an Estate Plan
As a parent, a comprehensive estate plan allows you to help ensure that your children are always cared for by someone you trust and always financially provided for. Just consider what you can accomplish with an estate plan. For starters, you can select a guardian for any minor children you may have. A guardian will take over the care for your minor children in the event that you were to pass away or become incapacitated. Think of what a huge benefit this is. Through estate planning, you get to select the person who will care for your children. Otherwise, this important selection would fall to a court. You get to consider who would be best to take on this vital role in your children’s life.
There are also a number of estate planning tools you can put in place to help ensure that you provide your children with financial support. You can do this by naming them as a beneficiary under your will. Alternatively, or additionally, you can set up a trust with them. One of the many benefits of setting up a trust for your children is that their inheritance will avoid probate. Additionally, you, as the trust settlor, are able to set up terms and conditions for the trust and when, as well as under what circumstances, distributions can be made from the trust to the named trust beneficiaries. This means that you can condition trust fund distributions on things like your child going to college. You can pace out distributions so that they are not quickly spent away.
Estate planning can also go a long way towards easing anxieties that come with living in a world where everything is possible. It allows you to take control of the future in a way that few things, if any, offer. You can also manage expectations of your loved ones through estate planning and let them know what plans you have for your children and the distribution of your assets.
Estate Planning Attorneys
Parents, make sure you are doing what you can to provide for and support your children as far into the future as possible. After all, none of us know what tomorrow will bring. Help secure a future you want in the face of so many uncertainties. Reach out to the team at Jones, Gregg, Creehan & Gerace for assistance. Contact us today.