Essential Components of Your Estate Plan

Essential components of your estate plan

A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family. Including provisions for the care of your children in your estate plan is essential for peace of mind. But many parents struggle with including such provisions as naming a legal guardian for their child in their plan. Indeed, even the fictional parents in the popular television sitcom Modern Family struggled with this issue in a recent episode. While Jay and his new and much younger wife Gloria agonized and argued about who they should name as a legal guardian for their children, their children were left at risk that if something happened to Jay and Gloria before they decided and properly named guardians in a legal document, a judge would make the decision for them. Not ideal, under any circumstances. 

When naming a legal guardian for your minor children, there are many factors to consider, such as whether the guardian has similar values to yours or can provide a welcoming home environment. But the toughest decisions are often the most important. Consider the outcome if you died without having legal protections for your children in place. Your children could be subject to conflict between relatives or they could be raised by someone you would never want, or in a way you wouldn’t want.  They could even temporarily be taken into the care of strangers.

Identifying and naming a legal guardian for your children in your estate plan is a difficult and important task. Don’t put off naming a legal guardian for your child. While thinking about what will happen to your child if you die is difficult even for fictional parents, your kids deserve the protection and you deserve the peace of mind that a legal guardian can provide. 

Unfortunately, even if you have made the hard decisions and worked with a lawyer to name legal guardians in a Will, your kids could still be at risk, because that would not take into account what happens if you become incapacitated, or if your named guardians all live far from your home, and it wouldn’t protect against anyone who may challenge your decisions. The only way to ensure your kids are raised by the people you want, in the way you want, never taken into the care of strangers (even temporarily) and that your kids would never be raised by anyone you wouldn’t want, is by creating a comprehensive child protection plan.

Having a legal team that can do this for you can be fairly expensive, but having a plan to protect your family is priceless. To help out, we can help you with an affordable and top of the line estate plan to maek sure your family is protected. 

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How To Avoid Family Conflict When Making Estate Plans