Spring has finally arrived (even if we are still waiting for those warm, sunny days)! And spring means Mother’s Day and Father’s Day are right around the corner.
What does your family look like?
Maybe you’re a parent, or maybe you’re not. Even if you don’t have children of your own, are there are other people in your life who are like children to you? Maybe your parents are no longer here, or, if they are, you may not get a chance to see them as often as you would like. Do you have in-laws or others who are like parents to you? Whatever your “family” looks like, this is the perfect time to consider those who are special to you.
If you have young children…
If you have young children, you may be concerned about what will become of them if something should happen to you. Who will take care of them? Will there be enough money to provide for their needs through childhood and college? What if they have a disability or other special needs?
If you have adult children…
If you have adult children who are doing just fine on their own, you may still wish to provide for them in a way that will protect them in the event of a failed marriage, lawsuit, or creditors. If your adult children have any disabilities or special needs, or perhaps are not the most responsible with money, you can still provide for them — you would just do so in a way that will protect their inheritance from others, or from themselves, if necessary.
If you have aging parents…
If you have aging parents, you may be noticing that they need you to help and guide them, much as they did for you as child, to help them understand and make important health and financial decisions. It’s very possible that they are fighting you on this, insisting that they don’t need your help – this does not mean you shouldn’t keep trying. Be there for them. Protect them as they used to protect you.
Spend time over the upcoming weeks to enjoy some fresh air and sunshine and celebrate the time you have with loved ones. Create new memories. Remember and share old ones. This is precious time you will never get back.
Also take some time to think about what you can do now to be sure your children and parents will be all right if you’re not around to take care of them, or if they need help taking care of themselves, in the future. You (and they) will be very happy you did!
Here are some suggestions:
- Prepare a Will nominating guardians for your minor (or disabled) children.
- Create and fund a Revocable Living Trust that includes provisions to hold your assets (including life insurance proceeds) in trust for your children, at least until they are adults, but likely for much longer, especially if they have special needs or other circumstances.
- Be sure you, your adult (over age 18) children, and your parents all have signed Durable Powers of Attorney appointing agents to manage your/their finances and make medical decisions if you/they are ever unable to do so for yourself/themselves.
Call our office to schedule a free initial consultation to begin discussing your estate plan with one of our experienced attorneys.