I often encounter many people who do not have a basic estate plan done even though they have small children. Their excuses range from "I'm young and healthy" to "I can't afford an attorney" to "I'll get to it later". I often challenge people to open today's paper and see if there is anyone in the obituary section that is young than them. Quite frankly, you can't afford to NOT get it done.
The most important person you have to name in your estate plan is the guardian for minor children. Their job is to raise your child(ren) in case you are not around to do it yourself. Alternates should be named in case the primary beneficiary is not able to act or continue to act. Choosing guardians is not something to be taken lightly and a quick call to the proposed guardian is a good idea just in case he/she has reservations about taking the job. I generally do not recommend couples as guardians because in the case of an untimely death of a sibling, an "in-law" could end up being a sole guardian. This could lead to fights within the family as now someone "outside the family" has custody of children. Nothing is more heartbreaking and EXPENSIVE than custody battles between families over children.
Trust language for minor children can also be put into people's wills so that younger children do no inherit money outright if they are not responsible enough to handle the assets. It can go in the hands of a "trustee" who will oversee the money until the kids reach a certain age (I recommend 28!).
Set an appointment with us and see if you are covered. Email us bartholflaw@gmail.com or call 610-804-1382 to set an appointment.
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