If you are among the many who is going through life without an estate plan, there is more than ample motivation to stop procrastinating if you only take a moment to see the big picture.
Estate planning is not something that you do for the benefit of yourself. You are taking steps to provide something for those that you would be leaving behind. When you embrace this perspective you may be stirred into action.
People typically live to watch their children grow to become adults in their own right. Planning ahead to provide your grown children with financial resources after you die – leaving a legacy, if you will – is a goal many people hold dear.
However, when you have dependent children estate planning takes on an entirely different meaning. Perhaps ironically, many people feel as though estate planning is only important for those who have reached an advanced age. In fact, it could be argued that it is even more important for people under 40 who still have children in the home.
For those with minor children the matter of a potential guardian must be addressed when you are planning your estate. You will want to make this decision based on who you believe will be the best care-giver for your children. Their values are the key to this very important decision. You are also going to want to make sure that your child or children are provided for financially. This can include the selection of a trustee who would handle financial resources that you have earmarked for the care of the children. You will want someone with financial acumen to handle this responsibility.
The intelligent course of action is to sit down and discuss all the details with a licensed and experienced Oklahoma City estate planning lawyer. Your attorney will evaluate the dynamic of your family, gain an understanding of your wishes, and do everything possible to assist you as you make the appropriate preparations with the well-being of your children in mind.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
- Special Needs Planning: Life Enhancements With No Loss of Benefits - May 19, 2022
- Five Ways a Trust Can Be Better Than a Will - May 17, 2022
- Do All Estate Transfers Go Through Probate? - May 12, 2022
