Another reminder of the dangers of not have an estate plan in place if you have minor children. This one from The California Estate Planning Blog. One of their authors writes (and is right):
I am constantly amazed at how many parents do not have an estate plan in place to protect their minor children.
It's one thing not to be overly concerned when your children are older, but if you have minor children in your home, life insurance policies, real estate and the usual extended family with grandparents, aunts, uncles -- there is almost nothing more important that consulting with an estate planning attorney to find out what you need to do to protect your minor children in case you and your spouse pass away.
If something happens to both Mom and Dad, there are guardianship issues, money issues and other issues that immediately come up. You want to make it easy for your family and friends by providing clear instructions on who should be the guardian, the executor, the trustee and the like. You don't want to make it any harder should your children be facing the loss of both Mom and Dad unexpectedly.
I could go on and on, but consulting with an attorney to draft up wills, trusts, and other related documents is a definite must do.
It's one thing not to be overly concerned when your children are older, but if you have minor children in your home, life insurance policies, real estate and the usual extended family with grandparents, aunts, uncles -- there is almost nothing more important that consulting with an estate planning attorney to find out what you need to do to protect your minor children in case you and your spouse pass away.
If something happens to both Mom and Dad, there are guardianship issues, money issues and other issues that immediately come up. You want to make it easy for your family and friends by providing clear instructions on who should be the guardian, the executor, the trustee and the like. You don't want to make it any harder should your children be facing the loss of both Mom and Dad unexpectedly.
I could go on and on, but consulting with an attorney to draft up wills, trusts, and other related documents is a definite must do.
Hat tip to: The California Estate Planning Blog.
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