One of our main responsibilities as parents is making sure our children are cared for at all times. This is true whether we are at home, at work, or if we pass away before our children become adults. Although the thought of dying or becoming disabled while your children are young is an unpleasant one, there are steps you can take today to make sure they are cared for in case you can no longer be there for them.
Using a Last Will and Testament to Name Guardians
Although the primary purpose of a last will and testament is passing property at death, this important estate planning documentcan also be used to name guardians for your minor children. Your will can name a single guardian or multiple guardians (for this article, I will assume that two guardians are named). When naming multiple guardians, it is possible to designate them as serving individually (power to make decisions separately) or jointly (decisions must be made jointly). It is also possible to...
"Do I need to worry about estate planning?" The short answer: yes. The long answer: absolutely.
Whether you are young or old, single or married, wealthy or broke, it's never too early to start the process of estate planning. While death and taxes may be the only certainties in life, a good estate plan will allow you to have control over both.
Many people think estate planning is all about passing wealth through a will at death. While this is part of an estate plan, it also incudes appointing guardians for minor children, naming agents for health care emergencies, and making your wishes known for end-of life medical care. Estate planning also ensures there is an inventory of your financial accounts, personal property, and digital identity. This inventory will ease the administration of your estate after your death.
There are five estate planning documents that every adult with a pulse should have. This includes: (1) a will, (2) a living will, (3) a medical power of...