Four Ways Proper Estate Planning Can Protect Your Children
As a parent, protecting your child is the most important thing to you and an estate plan is one way to protect your children. Regardless of the age of your children, a proper estate plan can eliminate questions and avoid disputes in the event of a crisis. Below, one of our St. Petersburg estate planning lawyers outlines the four main ways a proper estate plan can protect your children.
No one wants to think about the possibility that they will pass away and leave minor children without parents. Without an estate plan that clearly outlines who should be assigned as guardian, the decision will be left up to the courts and the person chosen may not be your preferred choice. By creating a proper estate plan, you can name the party you would like to become guardian of your children.
Protect an Inheritance
Regardless of the age of your children, you likely want to leave them an inheritance, whether that is property or funds. Without a proper estate plan, your assets will be distributed according to state law, regardless of your own wishes. Under the intestate succession laws of the state, if you are married to the other parent of the child, your spouse will still inherit everything. With a proper estate plan, you can assign certain property to go to your kids if you pass away.
Protecting Your Children’s Future
All elements of a proper estate plan will protect your children. However, you should consider not only their current situation, but situations that may confront them in the future. For example, do you want to include provisions for future grandchildren? Or do you want to include additional protection for your children in the event that they ever become disabled, experience bankruptcy or get divorced? An estate planning attorney can talk through these future potential situations with you and help you form a plan to protect your children in the future.
It is the hope of most parents with multiple children that your children will come together and emotionally support each other during their time of grief after you pass away. However, it is not uncommon for disputes to arise. Perhaps one child thought you were leaving them the family home, while another had the understanding that they would receive it. These disputes can become highly emotional and can damage the relationship among family members for many years. With a proper estate plan, your wishes will be very clear, limiting the potential for disputes to arise.
Our Estate Planning Lawyers in St. Petersburg Can Provide Sound Legal Advice
There are many ways an estate plan can protect your children and the above four are just a few. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyers can advise on the many important aspects to include in your estate plan to ensure your entire family is protected. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more.