If you were to ask the typical couple about their priorities, they would almost certainly say that their children come first. In spite of this, a significant percentage of parents with minor children are going through life without an estate plan.
Doing this is a calculated gamble. The profound thing about this type of gamble is that you are gambling with the well-being of your children.
Do people usually pass away while their children are still minors? Obviously, the answer is no.
However, ask yourself a couple of other questions. Is it likely that you will total your car? Is your house likely to burn to the ground?
In spite of the fact that you would answer no to the two questions posed above, you still carry automobile insurance and homeowner’s insurance.
Failing to make any estate plans that ensure the well-being of your children because it is unlikely that you will pass away could be considered irresponsible.
All parents of young children should have an estate plan in place that names a guardian who would care for the children should both parents pass away.
Financial provisions should be made as well, including life insurance if you do not have an extraordinary store of personal financial assets as a young parent.
You may also want to include additional controls and protections for you children, such as a testamentary trust within a last will or a living trust providing for the children.
You can take the first step toward fulfilling this important responsibility by arranging for a free estate planning consultation.