One of the important features of every estate plan should be dealing with “what if” scenarios. Yes, dealing with these “what ifs” is the number one reason that delays parents of young children from planning. It is difficult to make decisions about things they typically do not want to think about.
It’s not uncommon in our practice for parents who are excited about a getaway for their 10th wedding anniversary to come in and see us because of the “what if” something should happen to them on their trip. In fact, the majority of parents never implement a plan for that “what if.” And if the “what if” happened, the lack of a plan will have grave consequences for their kids.
Some of the key decisions to be made include:
Who will take care of your child?
How will the money you have left behind be best utilized?
Who will manage your child’s inheritance?
At what age will your child have control of the purse strings?
How to ensure that the inheritance is protected from a possible future divorce of a child?
There are a lot of “what ifs” to deal with before making that getaway. This planning will give you the peace of mind that comes with knowing that you are prepared for the possibilities that may come your way.
Please call the office to schedule a consultation so you can plan today for a secure tomorrow.
Request a free one hour consultation on all estate planning matters.