Written by Tara Baker for Trust Estate Planning for New Families
Every mom wants to protect her kids with a will. I know, I’m a mother of four young kids. I also know that every mom’s “to do” list is endless. Between juggling carpools, meals, laundry, sports, birthday parties, and work, it’s understandable why estate planning always falls to the bottom of the list. But estate planning is absolutely crucial for all parents – here’s why:
Yes, you need an estate plan!!!
If you die without a will, judges will decide who will raise your kids. This is a TOUGH subject to consider, I know. I’ve counseled many young parents on this emotional and important decision. Each family is different – but all moms have strong feelings on this subject. They want the loving and responsible aunt, or brother, or best friend for this big job – NOT the nutty sister who barely knows her kids. If you take the time to sign a will, you can choose the guardian for your children.
Do I really need an estate plan? I’m a normal person, not a wealthy “trust-fund baby.”
Yes!! Even if you don’t regard yourself as wealthy, you probably still care where your assets go upon your death; an estate plan allows you to decide how your property is distributed. Estate planning can also create long-term plans for assets left to young children. This is especially important if you have life insurance and don’t want the proceeds paid directly to young kids. And (somewhat surprisingly) it’s not all about the kids – an estate plan allows you to name someone to make financial and health care decisions for you if you are unable to do so during your life and to make your final wishes known.
I’m busy enough already! What will it take to get an estate plan?
Not as much as you think. In few weeks your plan can be complete. Typically, an estate planning attorney will want to learn about you and your family, counsel you on some of the important decisions that need to be made, and draft the documents. Then everyone meets to formally sign the documents – and you’re all done!
What documents comprise the typical “young parent” estate plan?
The following documents are typically drafted for each parent:
-Powers of Attorney for Property
-Powers of Attorney for Health Care
-Authorization for Release of Medical Information
Check out Trust’s website for more info: www.estateplanningfornewfamilies.com
What makes Trust – Estate Planning for New Families unique?
Trust has served young parents on the North Shore for 8 years. I am not just a lawyer – like you, I am a mom, wife, chauffeur, cook, cleaner, yogi, tennis player, and Cubs fan! Trust’s goal is to make estate planning easy and accessible to young families. Almost everything can be done electronically from your phone or computer; our meetings take place over the phone (during nap time, after bedtime, or on the weekends); we charge a flat fee; and, children are always welcome to join us.
The parent “to do” list never ends. But after my clients finalize their documents, there is always a huge sigh of relief around the table because now, should the worst happen, a plan is in place. Let Trust – Estate Planning for New Families help you cross estate planning off of your family’s to do list. Reach out to Tara for more information.