Category Archives: Kids Protection Planning

4 Ways Estate Planning Can Improve Relationships with Loved Ones

Like me, you probably spent lots of time with family and friends over the holidays. And I hope, like me, that time reminded you of just how important and special these relationships can be.

Though you might not realize it, estate planning has the potential to enhance those relationships in some major ways. Planning requires you to closely consider your relationships with family and friends—past, present, and future—like never before. Indeed, the process can be the ultimate forum for heartfelt communication, fostering a deeper bond and sense of intimacy, and prioritizing what matters most in life.

Here are just a few of the valuable ways estate planning can improve the relationships you cherish most:

1) It shows you sincerely care
Taking the time and effort to carefully plan for what will happen to you in the event of your incapacity or death is a genuine demonstration of your love. It would be far easier to do nothing and simply let you family and friends figure it out for themselves. After all, you won’t be around to deal with any of the fallout.

Planning in advance, though, shows that you truly care about the welfare of your loved ones. Such selfless concern and forethought equates to nothing less than a final expression of your unconditional love.

2) It inspires honest communication about difficult issues
Sitting down and having an honest discussion about life’s most taboo subjects—incapacity and death—is almost certain to bring you and your loved ones closer. By facing immortality together, planning has a way of highlighting what’s really important in life—and what’s not.

In fact, our clients consistently share that after going through our estate planning process they feel more connected to the people they love the most. And they also feel clearer about the lives they want to live during the fleeting time we have here on earth.

Planning offers the opportunity to talk openly about matters you may not have even considered. When it comes to choices about distributing assets and naming executors and trustees, you’ll have a chance to engage in frank discussions about why you made the choices you did. And that may just be the first step in actively addressing and healing any problems that may be lurking under the surface of your relationships.

3) It builds a deep sense of trust and respect
Whether it’s the individuals you name as your children’s legal guardians or those you nominate to handle your own end-of-life care, estate planning shows your loved ones just how much you trust and admire them. What greater honor can you bestow upon another than putting your own life and those of your children in their hands?

Though it’s often challenging to verbally express how much you love your family and friends, estate planning demonstrates your affection in a truly tangible way. And once these people see exactly how much you value them, it can foster a deepening of your relationship with one another.

4) It creates a lasting legacy
While estate planning is primarily viewed as a way to pass on your financial wealth and property, it can offer your loved ones much more than just financial security. When done right, it also lets you hand down the most precious assets of all—your life stories, lessons, and values.

In fact, the wisdom and experience you’ve gained during your lifetime are among the most treasured gifts you can give. Left to chance, these gifts are often lost forever. Considering this, our planning process includes a means of preserving and passing on these intangible assets.

We guide clients to create a customized video in which they share their most insightful memories and experiences with those they’re leaving behind. This not only ensures our clients are able to say everything that needs to be said, but that their legacy carries on long after they—and their money—are gone.

The heart of the matter
Estate planning doesn’t have to be a dreary and depressing affair. When done right, it can put your life and relationships into a much clearer focus and ultimately be a tremendously uplifting experience for everyone involved. Contact us today to learn more.

Dedicated to empowering your family, building your wealth and defining your legacy,

Why Naming Legal Guardians for Children in a Will Isn’t Good Enough

Template wills and other cheap legal documents are among the most dangerous choices you can make for the people you love. These plans can fail to keep your family out of court and out of conflict, and can leave the people you love most of all—your children—at risk.

The people you love most
It’s probably distressing to think that by using a cut-rate estate plan you could force your loved ones into court or conflict in the event of your incapacity or death. And if you’re like most parents, it’s probably downright unimaginable to contemplate your children’s care falling into the wrong hands.

Yet that’s exactly what could happen if you rely on free or low-cost fill-in-the-blank wills found online, or even if you hire a lawyer who isn’t equipped or trained to plan for the needs of parents with minor children.

Naming and legally documenting guardians entails a number of complexities that most people aren’t aware of. Even lawyers with decades of experience frequently make at least one of six common errors when naming long-term legal guardians.

If wills drafted with the help of a professional are likely to leave your children at risk, the chances that you’ll get things right on your own are much worse.

What could go wrong?
If your DIY will names legal guardians for your kids in the event of your death, that’s great. But does it include back-ups? And if you named a couple to serve, how is that handled? Do you still want one of them if the other is unavailable due to illness, injury, death, or divorce?

And what happens if you become incapacitated and are unable to care for your children? You might assume the guardians named in the DIY will would automatically get custody, but your will isn’t even operative in the event of your incapacity.

Or perhaps the guardians you named in the will live far from your home, so it would take them a few days to get there. If you haven’t made legally-binding arrangements for the immediate care of your children, it’s possible they will be placed with child protective services until those guardians arrive.

Even if you name family who live nearby as guardians, your kids are still at risk if those guardians are not immediately available if and when needed.

And do they even know where your will is or how to access it? There are simply far too many potential pitfalls when you go it alone.

Kids Legal Planning
To ensure your children are never raised by someone you don’t trust or taken into the custody of strangers (even temporarily), consider creating a comprehensive Kids Protection Plan®.

Protecting your family and assets in the event of your death or incapacity is such a monumentally important task you should never consider winging it with a DIY plan. No matter how busy you are or how little wealth you own, the potentially disastrous consequences are simply too great—and often they’re not even worth the paper they’re printed on.

Plus, proper estate planning doesn’t have to be a depressing, stressful, or morbid event. In fact, we work hard to ensure our planning process is as stress-free as possible.

What’s more, many of our clients actually find the process highly rewarding. Our proprietary systems provide the type of peace of mind that comes from knowing that you’ve not only checked estate planning off your to-do list, but you’ve done it using the most forethought, experience, and knowledge available.

Act now
If you’ve yet to do any planning, contact us to schedule a Family Estate Planning Session. This evaluation will allow us to determine your best option.

If you’ve already created a plan—whether it’s a DIY job or one created with another lawyer’s help—contact us to schedule an Estate Plan Review and Check-Up. We’ll ensure your plan is not only properly drafted and updated, but that it has all of the protections in place to prevent your children from ever being placed in the care of strangers or anyone you’d never want to raise them.

Dedicated to empowering your family, building your wealth and defining your legacy,

Who Should Khloé Kardashian Choose as Legal Guardian For Her Child—One Instance Where ‘Keeping Up With the Kardashians’ Might Be A Good Idea

You might not be a big fan of their typical life choices, but the Kardashians recently demonstrated impressive wisdom in protecting their minor children using estate planning.

During a recent episode of Keeping Up With The Kardashians, Khloé Kardashian was preparing to give birth to her first child, daughter True. Khloé was second-guessing her initial choice to name her sister Kourtney as the child’s legal guardian in the event something happened to her or the baby’s father, Tristan Thompson.

During her pregnancy, Khloé spent lots of time with her other sister Kimberly and her family, daughters North, Chicago, son Saint, and husband Kanye West. Watching her interacting with her own kids, Khloé really connected with Kim’s mothering style and pondered if she might be a better choice as guardian.

“I always thought Kourtney would be the godparent of my child, but lately I’ve been watching Kim, and she’s been someone I really gravitate to as a mom,” Khloé said.

To make things more challenging, Kourtney always assumed she’d be named guardian and said as much. Over the years, Khloé had lots of fun times with Kourtney’s family—sons Mason, Reign, and daughter Penelope—and Kourtney thought her own passion for motherhood would make her the natural choice.

For guidance, Khloé asked her mother, Kris Jenner, how she chose her kids’ guardians. Kris’ answer was to compare how her two sisters’ raised their own children.

“You just have to think,” Kris told her. “‘Where would I want my child raised, in which environment? Who would I feel like my baby is going to be most comfortable and most loved?’”

In the end, Khloé chose Kim over Kourtney. She explained her decision had nothing to do with her respect or love of Kourtney; it was merely about which style of parenting she felt most comfortable with.

“Watching Kimberly be a mom, I really respect her parenting skills—not that I don’t respect Kourtney’s, I just relate to how Kim parents more,” said Khloé. “I just have to make the best decision for my daughter.”

 Khloé’s actions are admirable for several reasons. First off, far too many parents never get around to legally naming a guardian to care for their children in the event of their death or incapacity. Khloé not only made her choice, but she did so before the child was even born.

Khloé also took the time to speak and spend time with her sisters beforehand, so the family understood the rationale behind her decision. Khloé was lucky her choices were close family members, so she had ample opportunity to experience both of their parenting styles.

Depending on your life situation, you might not be able to spend that much time vetting your choice. But at the very least, you should sit down with each of your top candidates to openly and intimately discuss what you’d expect of them as your child’s new parents.

Dedicated to empowering your family, building your wealth and defining your legacy,

6 Key Steps For Conscious Co-Parenting: Part Two

Last week, I shared the first part of this series, discussing some of the key steps for conscious co-parenting. In part two, we continue with the final steps.

Conscious co-parenting after divorce is a child-centered process, where both you and your ex-spouse agree to work as cooperative partners for the sake of your kids. This ultimately helps both you and your children adapt in a healthier way.

Such collaboration can be challenging, but last week I offered three ways you can successfully navigate the process. Here  are three additional ways to make conscious co-parenting work for you:

 4. Respect your co-parent’s time with the children

Conscious co-parenting is about demonstrating to your children that you still want the other parent in their lives.

It’s normal to miss your children when they’re away, but it will be easier and healthier for everyone if you don’t do anything that might stop your kids from having an enjoyable time when they’re with the co-parent. This means not scheduling children’s activities during the co-parent’s time, unless you’ve asked them first. It also means respecting their time together by not constantly calling or texting.

 5. Get outside support

When it comes to divorce, the experience is often painful and unsettling. The underlying emotions can be overwhelming if they aren’t processed properly, which can have negative effects on your parenting skills.

Given this, it’s crucial you have support systems in place to move through this phase of life. There’s no single solution, so try a few different supportive outlets to find the one(s) that most suit you.

Whether it’s therapy, support groups, trusted confidants, and/or meditative solitude, you should take this opportunity to practice self-care. For better or worse, our personal identities are often largely centered around our marriages, so it’s perfectly natural to go through a grieving process when they end. Just don’t let the grief become what defines you.

6. Use conscious co-parenting to achieve personal growth
While it may sound paradoxical, divorce can offer a perfect opportunity for personal growth. The steps discussed here can help you adjust to your new life in divorce’s immediate aftermath, but they can also allow you to better express yourself throughout your life overall.

Consciously choosing a cooperative co-parenting relationship is just the beginning. You can bring the same mindful focus to every other area of your life. Treating your co-parent in a compassionate, respectful, and patient manner can provide the foundation for how you deal with all of life’s relationships and circumstances.

By doing this, you can serve as a role model for your children, demonstrating how they can deal with adversity in their own lives. In fact, conscious co-parenting can provide them with an array of vital skills that will strengthen their ability to endure the trials and tribulations they’re likely face in the future.

From custody agreements to alimony payments, there are numerous legal issues that can arise when co-parenting, so be sure you have the legal support you need. And given the fact that your family structure has changed, you’ll want to update your estate plan as well. Please contact us today if we can be of any assistance.

Dedicated to empowering your family, building your wealth and defining your legacy,

Do Your Homework to Ensure Your Kids Are Properly Cared For No Matter What Happens

mother with son doing homework
It’s back-to-school time again, and when it comes to estate planning YOU may have homework to do. As a parent, your most critical—and often overlooked—task is to select and legally document guardians for your minor children. Guardians are people legally named to care for your children in the event of your death or incapacity.

If you haven’t done that yet, you should immediately do so – or come to one of our “Guardian Naming Workshops” and get it done there. Information on our next workshop can be found here.

Don’t think just because you’ve named godparents or have grandparents living nearby that’s enough. You must name guardians in a legal document, or risk creating conflict and a long, expensive court process for your loved ones—all of which can be so easily avoided.

Covering all your bases
However, naming permanent guardians is just one step in protecting your kids. It’s equally important to have someone (plus backups) with documented authority, who can stay with your children until the long-term guardians can be located and formally named by the court, which can take weeks or even months.

The last thing you want is for police to show up at your home and find your children with a caregiver, who doesn’t have documented or legal authority to stay with them and doesn’t have any idea how to contact someone with such authority. In such a case, police would have no choice but to call Child Protective Services.

Closing the gap
This is a major hole in many parent’s estate plans, as we know you’d never want your kids in the care of strangers, even for a short time. To fix this, we’ve created a comprehensive system called the Kids Protection Plan®, which lets you name temporary guardians who have immediate documented authority to care for your children until the long-term guardians you‘ve appointed can be notified and get to your children.

The Kids Protection Plan® also includes specific instructions that are given to everyone entrusted with your children’s care, explaining how to contact your short and long-term guardians. The plan also ensures everyone named by you has the legal documents they’d need on hand and knows exactly what to do if called upon. We even provide you with an ID card for your wallet and emergency instructions to post on your refrigerator, so the contacts and process are prominently available in case something happens to you.

A foolproof plan
With the Kids Protection Plan®, you’ll name one permanent guardian and one temporary guardian, along with two or more backups, in case the primary isn’t available or cannot serve. And we instruct caregivers to NEVER CALL POLICE IF YOU CANNOT BE REACHED UNTIL ONE OF THE NAMED GUARDIANS ARRIVES AND IS PRESENT WITH YOUR CHILDREN.

Finally, if there’s anyone you’d never want raising your children, we confidentially document that in the plan, preventing them from wasting the time, energy, and assets of the people you do want caring for your children.

With us as your personal family lawyer, you have access to the Kids Protection Plan® to ensure the well-being of your children no matter what. As your kids head back to school, do your homework by contacting us today.

Dedicated to empowering your family, building your wealth and defining your legacy,

Appoint a Guardian to Keep Your Kids In Safe Hands At All Times

child and woman 91024

 

 

 

 

 

 

Putting politics aside, I imagine every parent who has watched the news lately has been troubled over what’s happening to families at the US-Mexican border. As you likely know, more than 2,300 children have been separated from their parents at the border recently.

Again, regardless of your political views, I’m sure you don’t relish the thought of children being taken from their parents. What’s more, perhaps these events have got you thinking about how it would be for your children to be taken into the custody of strangers. And if not, let this be the moment you willingly feel that fear on a personal level and decide to ensure your child’s well-being and care by only the people you want no matter what happens.

It can happen to your family
Even though most people think that something like that could never happen to their family, they’re just plain wrong. While your kids almost certainly won’t be taken into custody by U.S. border agents, your children could be taken into the care of strangers if something happens to you—even if your family or friends are on the scene.

Understand the risk
While it may seem like a long shot, the consequences are serious enough that you must consider the real possibility of what could happen and ensure you’ve taken right actions to protect your loved ones. Let’s say you and your spouse have gone out to dinner together and left the kids with a babysitter. But on the way home, you’re in a car accident. The police will get to your house, find your children home with a babysitter, and have no choice but to take your kids into the care of the authorities (strangers) until they can figure out what to do.

This is the case even if you have friends or family living nearby. If you haven’t left proper legal documentation, the authorities may have no option but to call child protective services—that is, unless you’ve legally given them an alternative.

Know your options and your responsibility
The sad thing is, this all can be completely (and very easily) prevented. However, to ensure your children are never taken into the care of strangers you must take action now. Please do not leave this to chance. You have the right – and the responsibility – to guarantee your children are never taken into the care of strangers.

And if you think you’ve already done the right thing because you’ve “asked” someone to look after your children if something happens to you, or you have a will that names legal guardians for your children, think again. We’ve found that in most cases, even parents who worked with a lawyer to name legal guardians have made at least one of six common mistakes that leave their children at risk.

These mistakes are made because unfortunately, most lawyers do not know what’s necessary for planning and ensuring the well-being and care of minor children.

Here’s how to get started
If you’ve already created a will, we can help you identify whether you’ve made any of the six common mistakes that could leave your children at risk. If you have not yet taken any action, we can help you take the first steps and make the very best decisions for the people you love.

Whatever your situation, you should act now to make certain your children are never taken into the care of strangers. Call us and mention this article to receive a complimentary consultation.

Dedicated to empowering your family, building your wealth and defining your legacy,

Marc Garlett 91024

IRAs, Annuities and Guardianship: Providing for Your Minor Children if You Die Before They Reach Adulthood

young-family 91024Deciding on a guardian for your minor children may very well be the most important decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly—especially if the person you trust most to raise your kids isn’t necessarily the best with finances?

This question is multifaceted, so let’s unravel one aspect at a time.

The Question of Guardianship

Here’s the good news: The person who raises your minor children and the person who handles their inheritance don’t have to be the same person. If necessary, you can appoint one guardian to serve each function, naming one as the guardian of the person and another as the guardian of the estate. In this arrangement, you entrust one person with your children’s assets and another with their care, while enabling each to interact with the other. This dual guardianship model gives many parents peace of mind—knowing they don’t necessarily have to risk their children’s inheritance while ensuring that they are raised according to the family’s values.

Although guardianship of the estate is an option, for many families the best strategy for financially providing for the children is to use a trust. In that case, a trustee fulfills the responsibility that would otherwise belong to the guardian of the estate. The trust assets can be released to the children or the caregiver incrementally according to age and needs. For example, the trustee could distribute money for the children’s needs until age 18 and then manage for the money until the child is a financially mature adult. Your trustee may also exercise discretion in investing and distributing the funds for the children’s support, education, etc., coordinating with their physical guardian to ensure the children’s needs are met until they come of age. This can ensure that the assets are there when they’re needed for your family.

Passing an Annuity to the Children

Annuities pay out regular income—which can make them convenient vehicles to cover ongoing expenses for minor children. If you have set up an annuity for yourself or a spouse, you can name the children as beneficiaries, or you can also name a trust for the benefit of your children. If you are still paying into the annuity at the time of death, your children may receive the balance, or you may give a trustee the option of rolling the balance into another annuity to be paid out to the children at a later maturity date. If you are already receiving annuity payments yourself, the children may simply continue receiving these payments for the remainder of the term. Depending on your annuity contract, payouts may also be made lump sum. Annuities are a very flexible financial product with many different options. If you have annuity now, or if you are considering purchasing one, bring it up with us as we work on your estate plan so we can make sure it meshes with your will or trust seamlessly.

Transferring an IRA to the Children

Individual Retirement Accounts (IRAs) are also excellent vehicles to pass along wealth for minor children’s welfare—because, unlike most annuities, they have the ability to grow over time and can provide a lifetime of financial benefit to your children.

When you name the next generation as beneficiaries on an IRA, you effectively extend the IRA’s life expectancy. While the required minimum distribution payments to the children will be smaller than they would have been for you (since, according to the IRS’s rules, they have a longer life expectancy), the account balance can remain invested for growth over time. Your financial and tax advisor can evaluate your situation to help you decide which type of IRA (Roth or traditional) is the best option for your goals. And we can work with you to set up a trust which fully protects your IRA against your child’s creditors, predators, future ex-spouses, and immature financial decision making.

Planning for the welfare of minor children after your death is neither simple nor pleasant to consider, but it’s absolutely necessary for peace of mind. Determining the right person(s) to be the guardian of your children requires careful thought, but you don’t have to sacrifice your children’s inheritance for their proper care. With the right financial plan, you can manage both facets successfully. As always, we’re here to provide assistance and explain your options. Call our offices for an appointment today.

Dedicated to building your wealth, empowering your family and securing your legacy,

Marc Garlett 91024

New Baby? Time to Create Your Estate Plan

newborn baby 91024Estate planning is often one item that gets pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary: lack of time, not thinking you have enough assets, not knowing how to start, or the uncomfortableness of contemplating death. Whatever the reason for not putting an estate plan together, it is important to understand that if you just had a baby – there is no better time to meet with an estate planning attorney to implement a plan.

In general terms, an estate plan is a set of legal documents that outline your wishes on how your assets should be distributed and who is responsible for your dependents, in the event of your death or legal incapacity. An estate plan should be developed with a qualified estate planning attorney to ensure that it will work as intended and fully protect your family.  Here’s how an estate plan can you protect the newest addition to your family.

Protect Your Children

Perhaps to top reason to put together an estate plan is to dictate who will care for your children in the event you and your spouse die early or become legally incapacitated and therefore unable to care for your kids yourselves. Your estate plan can designate someone you trust and who shares your values as a guardian of your minor children – this is the person who will essentially be a surrogate parent and raise the children through adulthood. When selecting a guardian, it is important to choose people who will be willing participants in your estate plan, who share your values and parenting philosophy, and who you trust to raise your children.

Distribute Your “Stuff”

While some assets have purely financial value, others have deep emotional attachments. Not only will a trust-based estate plan eliminate the probate process, but it will save your heirs stress, time, and money. As you may already know, probate is the court-supervised process of wrapping up a deceased person’s affairs. This consists of multiple steps, including presenting a deceased’s last will and testament (if they had one – otherwise the probate court uses the government’s default plan known as intestacy), gathering assets, paying off debts, and distributing what’s left over to the deceased’s heirs. Using a trust to provide specific instructions on distribution of assets not only avoids probate altogether but it can help ward off fights among surviving relatives, too. Additionally, special features in your trust, sometimes called lifetime asset protection trusts, also allow you provide long-term financial stability and support for your children. These types of trusts can prevent a financially immature heir from blowing their inheritance.

Provide for Your Loved Ones

Beyond your children, creating an estate plan will inform your loved ones what final health care decisions should be made on your behalf in the event you become incapacitated and are unable to make decisions. Serving as healthcare proxy is an enormous responsibility for the person you name, but you can help lessen the burden by communicating your wishes about medical decisions. One significant advantage of properly planning is that your intentions can be clearly stated so that your surviving family members do not have to guess what your desires are.

Find an Estate Planning Attorney

If you have experienced a recent life-event – such as a new baby, a work promotion, purchasing a home, moving to a new state, or any other milestone – you should discuss your situation with a trusted estate planning lawyer. If you already have a will or trust in place, those life events make it necessary to update it to ensure it fully provides for your family and loved ones. To learn how estate planning can protect you, your newborn, and the rest of your family, contact us today.

Dedicated to building your wealth, empowering your family and securing your legacy,

Marc Garlett 91024

Estate Planning Essentials for Parents

Modern-Family-91024A 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 provisions such as naming a legal guardian for their child. 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 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 both 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 provides.

Unfortunately, even if you have made the hard decisions, and even if you have worked with a lawyer to name legal guardians in a Will, your kids could still be at risk, because that type of plan 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 Kids Protection Plan, which very few lawyers are trained to prepare.

If you are ready to take that step, start by sitting down with us. We can walk you step by step through creating a comprehensive Kids Protection Plan® that not only names a legal guardian for your child in your Will, but also ensures your kids are fully provided for, in the short-term and the long-term, and in the event of your incapacity.

Our number one goal is to ensure your entire family is protected and cared for no matter what. That’s why estate planning should be about more than just documents. It should be about ensuring you make informed and empowered decisions about life and death, for yourselves and the people you love.  The right estate planning counsel will help you get more financially organized than you’ve ever been before, and make all the best choices for your family throughout your lifetime. And there’s nothing better than that.

Dedicated to empowering your family, increasing your wealth and building your legacy,
Marc Garlett 91024

Is Your Family “Too Young” to Need an Estate Plan?

young-family 91024Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you may even find it hard to justify planning for an “estate” you haven’t yet established!

But here’s the thing … if you have children or anyone else you care about, you may not have an “estate”, but you do need estate planning – if you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict if anything happens to you.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children reach 18, they will need a legal guardian. To ensure your children are only ever in the care of people you want and choose, you must name both temporary and long-term guardians for your children.

Identifying friends or family as the “godparent” of your child won’t cover it. You need to legally document your choice. And, naming just one person or a couple isn’t enough, either. Name at least 3 options, in case back-ups are needed.

Also, ensure that you have not just named legal guardians in your Will. This is a common mistake for those that do have planning.

If something happens to you and your child is home with a babysitter, or at school, you want to also name local people, friends or family, who would immediately be able to be called upon by authorities. And, those people need to have legal documentation on hand to step in and make immediate, short-term decisions for your littles.

We recommend a comprehensive Kids Protection Plan® to ensure there are no gaps, even for a minute, in the care of the people you love most.

The Management of Your Children’s Inheritance

Remember, when you die, the assets left to your minor children will need to be managed by someone at least until they turn eighteen. If no one is identified for this task, the court steps in and appoints “professionals” to take over the role, which can cost your children their entire inheritance.

And, it’s totally unnecessary. With just a bit of prior planning, you can keep your loved ones out of the Court system entirely and give total control to the people you know, love and trust.

The Authority to Make Decisions for You

Finally, no matter what your age is, or how big or small your assets are, you want to put in place the documentation that appoints the people you would want making decisions for you, if you cannot make your own decisions.

Once again, the focus here is on keeping the people you love out of Court during what would be a hugely stressful time for them.

Estate planning is a key part of growing up and showing up for the people you love. So, yes, you may be a young family, but once you’ve become a family, you’re not too young to plan well to make things as easy as possible for the people you love.

Far from being a morbid task, estate planning can give your young family the peace of mind, confidence, and security you desire when it comes to the future well-being of all members of your family.

Dedicated to empowering your family, increasing your wealth and building your legacy,
Marc Garlett 91024