Estate Planning for Parents
If you have young children, you are probably still fairly young yourself. As a result, you may not have given a lot of thought to what might happen to your family should you pass away. However, if you have minor children, you have to do your estate planning now. Here are two ways you can protect your kids with a good estate plan.
- Plan ahead for guardianship – Don’t leave it up to the state to determine who gets your kids if something happens to you and your spouse at the same time. Planning ahead shows love for your children and will give them the best situation possible if they have to deal with the trial of suddenly becoming orphans.
- Have a trust fund prepared – This will ensure that your kids will have the funds they need when they turn 18. It can also provide funds for the guardians. Or you can specify dispensations such as for college or for a wedding. This will make things easier for the trustee and will help your child to avoid squandering his or her inheritance.
Estate Planning Is a Must for Parents
You don’t have to be a millionaire to want your children to be cared for. No one can take care of your kids like you can, but with a little planning, you can make it easier on them should tragedy strike your family. Contact Petrov Law Firm today at 619-344-0360 to get your estate plan started, and let our experienced attorneys help you get things in order.