When you become a parent, it’s a big deal! You change your focus to taking care of your child as they grow, but you also need a plan if something unexpected happens to you. That’s where estate planning comes in. Here are seven reasons why parents need to create an estate plan now and not wait.
1. Protecting Your Child’s Future
If something happens to both parents, it’s essential to have a plan for who will take care of your child. If you don’t decide, a court might do it for you. By naming a guardian in your plan, you make sure your child is looked after by someone you trust.
2. Money Matters
Raising a child costs money, and estate planning helps with that. You can pick someone to manage the money and property you leave behind for your child. This person is called a personal representative (or an executor) if you have a will, and a trustee if you create a trust. They’ll make sure the money is used for things like school, healthcare, and daily needs.
3. Avoiding Legal Hassles
Without a plan, your things could get stuck in a long and expensive legal process called probate. That’s not what you want for your child. Estate planning can help your stuff go straight to your child or someone else you select, possibly avoiding probate and making things easier.
4. Special Needs
If your child has special needs, it’s even more important to have a plan. You can create something called a supplemental needs trust (sometimes called a special needs trust) to make sure your child can still get government help while having extra support for their special needs.
5. Someone to Watch Over the Money
Sometimes, kids inherit money before they’re grown up. In your plan, you can choose someone to watch over that money until your child is older and can handle it responsibly.
6. Planning for Tough Times
Life can be unpredictable. Estate planning helps you prepare for unexpected situations. Who will make medical decisions for you if you can’t? Who will manage your money? Having a plan answers these questions, so your child is taken care of, even when things are tough.
7. Fewer Family Arguments
Without a clear plan, family arguments can(and do) happen over who gets what. These fights can hurt relationships and make things hard for your child. Estate planning can prevent these arguments by leaving directions for exactly what you want to happen.
Estate planning is something every parent should think about, no matter how much money you have. It’s about making sure your child is safe, has enough money, and isn’t stuck in legal problems. Planning for your child’s future might seem complicated, but that’s where a good estate planning attorney comes in. If you are in Idaho, give Alan R. Harrison Law a call and we can help you create a plan now to secure your child’s future, so they can have the support and stability they need, no matter what the future holds.
