Having a baby is one of the best events a family can experience together. Kent area residents extensively plan for the upcoming new arrival through baby showers, nursery planning and attending birthing classes. But one important preparation is often missed by new parents and that is creating an estate plan for a vulnerable child.
Although no one wants to consider the unimaginable, an estate plan is critical in making sure children are protected. An estate plan usually includes several documents and can include what happens to a person's assets upon their death and what happens to their children.
Who should care for their children, both physically and monetarily is a critical thing to have figured out. A family can name two separate people, one to care for the children's monetary expenses and another to care for and raise the children and act as their guardians. Once the guardians are chosen, it is important to make it known to the guardians and that they are comfortable with that designation.
In addition to taking care of children, an estate plan can also include documents to indicate what a person's health care wishes are in case they become incapacitated. Clearly stated intentions can help make sure there are no questions in regards to how a health care personal should proceed with care. Finally, an estate plan can help spell out how assets should be distributed upon a person's death.
An estate plan can help a family recover from a tremendous loss by spelling out in detail how they wish for their kids to be taken care of and how they want their assets distributed. During this particularly painful time, this can be a gift to the family and friends who remain.
Source: randolphcountyheraldtribune.com, "Congrats on your new baby! Now it's time for an estate plan," Brian McCann, Dec. 22, 2016