Having A Will Simply Does Not Ensure the Care of Your Kids If the Unthinkable Happens!
If you are a parent of children who are counting on you, your estate plan must begin with ensuring your children would always be taken care of by the people you want, in the way you want, no matter what happens.
At Legacy Trust Counsel one of our areas of greatest expertise is in planning for the well-being and care of the children you love.
Without advance legal planning for the care of your children, if the unthinkable happens to you, here’s what could happen:
- Your children could be placed into the care of Child Protective Services (yes, even if you have a will in place and even if you have a living trust) and, yes, it would very likely only be temporary, but you never want your children in the arms of strangers. Not even for a minute.
- Your children could be put into the custody and care of someone you would never want, like that one family member who has good intentions, but you’d never want raising your kids.
- A judge who doesn’t know you, or your family, will decide who will raise your kids, even if it’s the last person you would ever want;
- Your family could get into a long, drawn out custody fight or there could be a challenge to the guardians you have designated;
- Up to 5% of the value of your assets could be lost to court costs and other unnecessary fees through the probate process, a court process that can tie up your assets for years and deprive your kids of the resources they need to live comfortably, which can totally be avoided with advance legal planning.
Know who to Trust.
Even when your kids turn 18 and they receive a check for whatever assets are left from you that weren’t spent during their childhood, there are unscrupulous people out there who make it their business to look at the public records to find out when 18 year olds are getting that inheritance check. This information leaves your new adult with little protection from those who prey on their lack of maturity and sophistication.
The vast majority of estate planning attorneys do not address these issues, and do not plan from a parents’ perspective.
These are issues we help you think through and then work to include in our Kids Protection Plan with every estate plan we do for families with young children.
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