Summer is a time to relax with your kids and take time off for vacation. While this is exciting, we cannot let planning for the future get away from us. Even though your kids are out for the summer, are they protected in your estate plan?
If something were to happen to you, would your children be taken care of? Have you created an estate plan that provides for their future as well as yours? Your estate plan is a critical tool you need as you make your summer plans, especially if you are young parents with minor children. After all, vacationing in Hawaii will be much more fun if you know the future of your children is in good hands should something happen to you.
How do you create the right estate plan for you and your family this summer? Here are the ways we recommend for you to use to ensure a positive future for your kids no matter what life throws at you.
- Create an estate plan. Many people do not think about creating an estate plan until they are much older, but tomorrow is not a guarantee for anyone, and that is why we all need to be prepared. In your estate plan you can tell your family how you want your assets to be administered, how you want your children provided for and who should raise them after you have passed. Though this may sound gloomy, working with an estate planning attorney to create the right legacy for you is in the best interest of you and your family.
- Create a trust for your children. Although trust is not a “required” step, it is one of the most powerful tools to use to protect the inheritance that will be given to your children. Chances are, if you have minor children, they do not know how to manage money yet. A trust will make sure that your child’s inheritance is used, managed and administered in a responsible manner.
- Frequently review the decisions you and your spouse have made. If you have already created an estate plan, then you need to make sure you update it if any changes are made in your life. When you review your estate planning, you can add people to it, take people out of it and make changes to reflect your life. Either way, it is important you keep these documents up to date.
Planning ahead is the best decision that you and your family can make. Instead of procrastinating this summer, use it as a time to plan. Once you have documented these decisions, you and your family can truly sit back and relax for the summer.
Want to learn more?
(1) Register for a free workshop to hear more about what you need to know to protect what matters most.
(2) Subscribe here to have more helpful tips and information sent directly to you.
