Are You A New Parent? Do You Have Young Children? Have You Thought About What Will Happen To Your Child If Something Were To Happen To You And Your Spouse?
Courtney Cotter
Being a new parent is an extremely exciting and positive life event. With that being said, most young or new parents don’t typically sit down and talk (or really even think) about what will happen to their child if something tragic were to happen to them.
It is very important to not only think about, but also plan for the future. Parents want to ensure their children are taken care of in the event that the parent either can no longer take care of the child due to incapacity or death. A major way to ensure your child will be taken care of is to create an estate plan that includes power of attorney documents plus a Will and/or Trust.
Who Better to Name a Guardian of Your Child Than You?
If you were to pass away without an estate plan then the decision as to who will be Guardian of your child is left up to the court. No one knows what best for your children better than you. In your estate plan you can state whom you wish to name as Guardian of your children in the event of your early death. When considering whom to select as a Guardian, consider whether that person lives close by, would that person be able to take on raising your children physically and mentally? Does that person exert parenting skills similar to your parenting skills? Is the personal financially responsible? These are just some of the things to consider when selecting a Guardian.
Appointing a Trusted Executor
When executing a Will you will name a person as an executor to dispose of your property as your Will states. It is important to select an Executor who is trustworthy and up to the task of administering the estate. Children are unable to manage their parents’ estate until they become adults. It is important to appoint a trusted Executor to ensure your children receive the assets and money you leave behind for them as soon as possible. Most families own property, and vehicles as well as retirement accounts. An Executor will manage the property for the benefit of the beneficiaries and the children ensuring that all of the your assets are disposed of as you wish.
Do You Need An Attorney?
Choosing a plan for your estate can be overwhelming, at Cotter Law we will make sure you are well prepared and protected while carrying out your wishes. Fill out the form below or call Cotter Law today to schedule your FREE consultation at (865) 888-7155 to speak with an experienced attorney.