Estate planning concerns for parents

Estate planning concerns for parents

| Aug 29, 2018 | Estate Planning |

Parents in Connecticut may think about estate planning in a new light after the birth of their children. While many younger couples know objectively about the importance of an estate plan to lower taxes, avoid probate costs and reduce trauma to their loved ones, making a plan may not seem urgent. When a child enters the equation, however, planning for the future can become increasingly essential.

Estate planning includes the creation of a number of key documents like wills, powers of attorney or advance health care directives. While some shy away from making a plan due to the costs or complications involved, visiting a lawyer for an estate plan can be accessible to families and individuals of all means. When creating a will, parents can not only lay out how their property will be divided but also name a guardian for their child in case both parents pass away. In addition, parents can create trusts in order to ensure that the funds they pass on to their minor children will be used responsibly to provide for their care.

Parents may have additional concerns that are not addressed in these major documents. While people can name their preferred guardians, this will only be confirmed after a court process. An additional document that parents can create could name a short-term guardian for the children and delineate emergency contact information and details about accessing funds to provide for the child before the will is probated.

The birth of a child can change a great deal in the parents’ lives, and a renewed interest in estate planning is one of those changes. An attorney can work with parents to develop the documents necessary to ensure that their child is provided for and that their wishes will be put in place after death.