Why Every Parent Needs an Estate Plan

Families with Children Need An Estate Plan

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Wills, trusts, and other estate planning documents are not just for older or wealthier individuals. Young families with children have critical estate planning needs that can help ensure the safety and security of their children now, and in the future. But sitting down to talk with an estate planning lawyer is one of those things you just put off . . . you don’t want to think about it, or the future seems like such an abstract concept here in the busyness of daily schedules. But taking this step is important for your children and your extended family.

Who Takes Care of Your Children Now?

Have you and your spouse ever taken a little trip without the kids? Many couples do, often leaving the kids with grandparents or other extended family for a few days. What would happen if your kids needed medical care during this time?  Did you know that simply leaving a note with “permission to treat” will be meaningless to medical providers? In this situation, parents need to be ready with a Medical Power of Attorney for Child Care — this document gives temporary powers (limited by a date range you specify) to a Guardian you choose so that the guardian can authorize medical care. Without it, most doctors, clinics, and hospitals will refuse to provide any treatment beyond basic emergency stabilization. This document can also authorize the guardian to use your child’s medical insurance; without it the guardian would have to pay out-of-pocket since they can’t authorize charges to your medical insurance.

Who Takes Care of Your Kids Later?

No one wants to consider tragedy, and that is why so many families are not prepared when it strikes. But responsible families will take a moment to think about this:  what if both parents died in a car accident? A horrific thought, I know, but if it happened, your family would be thankful you were prepared. In your will, you can name a guardian for your children and prevent any custody disputes among family members if such a tragedy were to take place.  Furthermore, you can use other estate planning documents to secure your children’s financial future as well.   By creating a trust, you can ensure that your kids are well cared for, even after you are gone. Trusts are not just for the very wealthy. Some families create a trust and fund it with life insurance, so that in case of their untimely death, they can ensure that the insurance proceeds only go to benefit their children.

Estate Plan Attorney For Families With Children

You can have these documents and more custom-created for your family, creating peace of mind to know that your children will be cared for. Working with a skilled Yorktown/Williamsburg Estate Planning Attorney can protect you and your children from the unexpected.  Give us a call and talk directly with a Lawyer who knows how to help, the call is free.