Sometimes people do not understand the value of taking certain actions until tragedy strikes. They find out what can happen the hard way, and this can be quite sad for some families.
With the above in mind we would like to emphasize the importance of estate planning for the parents of minor children.
Young adults often times decide that they do not need an estate plan because they are in fact young and they don’t expect to pass away any time soon.
However, every day when you tune into the news you hear about accidents that take place. Some of them involve young adults, and many of them have children.
There is also the matter of catastrophic illnesses. You can never know what the future holds, and younger adults do sometimes fall victim to serious medical conditions.
When you have minor children they are depending on you, and you really must plan ahead for their well-being. It is important to execute an estate plan that includes the selection of a guardian who would care for your child or children in the event of the passing of both parents.
If you don’t the matter would be left in the hands of the courts, and family members could potentially have disputes about guardianship that make a bad situation that much worse.
You also must take steps to make sure that your children would be provided for financially. This could include taking out insurance policies and arranging for them to be directed into a testamentary trust for the benefit of your children if you were to pass away while they are minors.
Estate planning is a must for all responsible adults, and it is absolutely essential for the parents of minor children.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.