One main reason young families need an estate plan is to name the guardian of their children.
Although it is terrible to think about, unfortunate events like car accidents happen everyday, leaving minor children without parents. When parents do pass at the same time, it is important that they have a plan in place to name who they want to be appointed as guardian of their children.
Too often parents fail to do this planning. Maybe they think it could never happen to them, or maybe they just never get around to it. Regardless, when parents are no longer in the picture, and they didn’t leave a plan, the Court is left to decide who should be the guardian of their young.
This is bad for many reasons. First, you should be the one to decide who cares for your kids, if you are no longer able to do so. You know about them and their needs the best, you should decide.
Second, when you don’t have a plan, you put you children and your remaining family at risk of unnecessary stress at an already stressful time. If you pass without a plan, your family will be left not knowing your wishes. Frequently families will fight over who should be the guardian. I have seen this far too often – otherwise well mannered loving families almost coming to blows.
Last, even if your extended family does consent to the appointed guardian without costly and time consuming litigation, there is ofter bitterness over the appointment. The side of the family that didn’t get appointed guardian is left wondering if that is really what you would have wanted and if that is best for your children.
Naming who you want to be the legal guardian of you minor children isn’t difficult. It can be accomplished with a well-drafted Last Will and Testament as part of a comprehensive estate plan. You will want to consult an attorney to accomplish this. Make sure you talk to an attorney who focuses on estate planning, like this Tulsa estate planning lawyer.
Check back soon for the 2nd reason young families need an estate plan.
