If you are a parent, you likely spend a large amount of time in your day to day life working hard to ensure that your children are protected and taken care of at all times. But have you ever considered what would happen to your children if something unexpected occurred and you were no longer there to care for them. While we all hope we’ll live to a ripe old age, we never know what tomorrow holds. It is wise to take measures to ensure that your children will be cared for in the future, even if you are not there to care for them yourself. In today’s blog post, we’re looking at four things you can do right away to make sure your children are protected no matter what the future holds.
1. Make a Revocable Trust.
Trusts are a useful estate planning tool. After you pass away, they can help your loved ones avoid the hassles and expenses involved with Probate Court. Trusts also have the added benefit of letting you grant a trusted individual (called a trustee) the ability to manage the assets you’ve worked hard to accumulate, on behalf of your children until they reach a certain age, where they are a bit more financially responsible than the age of 18.
2. Create or update your will.
If you want to protect your children, it is essential to have a will in place. Your will is a document in which you dictate what you would like to have happen to your assets after you pass away. How do you want your assets to be distributed among your children? Should other loved ones inherit as well? Your will is your children’s greatest protection against inheritance theft. It also names who you would like to be the guardian of any minor children who are left behind when you pass away
3. Take out a life insurance policy.
If you have dependent children, life insurance is a very important financial tool. A good policy will take care of your children’s living expenses, educational costs, etc. if you suddenly pass away. Without a life insurance policy, it is likely that your family will need to use your resources and investments to pay off your expenses like your mortgage and debts. This might leave your children with very little or even nothing.
4. Name a guardian.
Who will care for your children if you pass away before they turn 18? The guardian that you name in your will will assume all of your responsibilities. It will be up to him or her to make sure your kids are cared for and pay for their educational expenses if there’s nothing left from your estate. A guardian will also be responsible for your child’s finances until they reach the age of 18. If you do not name a guardian yourself, courts will appoint one. Only you really know who is the best choice for this role, so make sure you express your wishes in your estate plan.
If you want to make sure your children will be protected no matter what, the ElDeiry & ElDeiry team is here for you. We can help with all the steps above and can give you the peace of mind that your estate plan complies with all relevant state laws, so your wishes won’t be disregarded over any technicalities. If you’re ready to get started on your estate plan or need other legal guidance, please contact ElDeiry & ElDeiry today at (954) 670-2800.
Eldeirylaw
Latest posts by Eldeirylaw (see all)
- Ways In Which A Will & A Revocable Trust Work Together - May 15, 2023
