When you have children, you want to ensure they have the best possible future, even if you cannot be around to care for them. One step you can take to accomplish this is through estate planning. Anyone can benefit from estate planning, regardless if they have a substantial sum of assets, so take some time to look into this useful tool to safeguard the future of your children.
Steps to Consider While Estate Planning
To get started on estate planning, parents with young children should write a will. A will can do more than ensure your assets are distributed according to your wishes. It can also name a guardian to care for your children if something were to happen to you and your spouse. Another reason why it is important to write a will is to ensure that, if one of you were to pass away, your spouse would inherit the assets instead of having them go directly to your children.
Another important aspect of estate planning, especially when you are trying to protect your children’s future, is to purchase life insurance. If you or your spouse were to unexpectedly pass away, your life insurance policy can replace your earnings for a few years and ensure your family has time to get back on their feet without you.
Having durable powers of attorney and an advance medical directive is also crucial if you have a family and will make their lives much easier if you become very ill or pass away. Even if you are healthy and young, it is imperative to have these documents. You might never use them, but an accident can happen to anyone and the last thing you want is for your family to face some tough decisions in your absence.
Lastly, you should take some time to designate beneficiaries for your retirement accounts. By naming beneficiaries, you can ensure your retirement funds go directly to the people you name, without having to go through the probate process. Having beneficiaries named on your retirement accounts will not only simplify their lives, but it will also spare them some unnecessary expenses that they would otherwise incur by having to go through court proceedings.
Schedule a Consultation with an Experienced Estate Planning Attorney Today!
If you have a family that includes young children, you need to safeguard their future and ensure that, even if you are no longer around to care for them, they will be still be taken care of. At Drexler Law, our estate planning attorneys have the experience, insight, and knowledge to assist you with your estate planning needs and ensure your family’s future is bright no matter what unfortunate events take place. Our team will ensure your estate plan does not place an additional burden on your family, so you can rest assured their needs are always met. We can find the right solutions for your situation by using a variety of tools, including living wills, wills, trusts, and powers of attorney.
Contact our law firm today at (719) 259-0050 to schedule an initial consultation with a trusted member of our legal team.