The process of estate planning is something that is relevant to every responsible adult, yet far too many people shirk this responsibility.
If you are the parent of a young child and you think that estate planning is only something that you need to think about when you become a senior citizen, you should give the matter a little bit more thought.
When you are a senior citizen your children will be grown and they will be able to take care of themselves. Yes, our elders should execute the appropriate estate planning documents, but the well-being of their children is really not going to be at stake in most cases.
When you have minor children it is an entirely different situation. You absolutely must take steps to ensure the well-being of and care for your children in the event of your passing.
If you are married you may say that your spouse would be able to handle things in your absence. This may be true to some extent, but you have to ask yourself what the loss of your income would mean to your family.
And, there are cases where both parents pass away together simultaneously in an accident.
There really is no reason to go through life without an estate plan that protects your children. If you meet with an estate planning attorney he or she will assist you as you name a potential guardian for your children in a legally binding manner and do what it takes to ensure their financial security.
Author, President and Founding Attorney
Parman & Easterday