How To Protect Your Young Children In Your Estate Plan
While you will hopefully live a long life and watch your children grow up into adults, there is always a chance that things will not turn out this way. If you were to die today, do you have a plan for your young kids? If not, you should work on your estate plan to protect your kids through it. There are three primary steps you should take when doing creating an estate plan to protect your small kids.
1. Create a Will
A will is a document that people use to state their wishes after death, and you need a will if you have young kids. The primary reason you need a will is to complete the next step, but you also need it to ensure that your kids receive your things when you die. Additionally, you could set up a trust to make asset transfer easier after you die, but this is not a necessity in all situations. Creating a will is a necessity, though, and a will is the most standard estate planning tool available.
2. Choose a Guardian
You need a will because a will allows you to name a guardian. A guardian is a term that lawyers use to state the name of a person who will care for your kids. If you died today, who would care for your kids? Would you want a court to decide this for you, or do you want to decide? If you want to make sure your kids end up in the right home, you need a will, and you need to name a guardian. When naming a guardian, choose someone that you trust completely.
3. Purchase a Life Insurance Policy
The third step you should take is to purchase a life insurance policy. Life insurance provides a cash payout when you die, and you need this money for your children. If you leave money for your kids, you can have some assurance that they will have what they need. You can stipulate when they receive this money and how it is used, and you should consider stating these things in your will when you make one.
It would help if you talked to an estate planning attorney about these steps and others. The lawyer can help you take all the right steps to protect your kids in this situation, and you should get started today. To do so, call an estate planning lawyer in your city and visit websites like http://wolfleylawoffice.com/ to learn more.