There is an old saying that children do not come with operating manuals. While we usually think of this saying applying to a young couple trying to figure out an unexplainable ailment or how to keep a baby from keeping them up all night with crying, this can also apply to understanding the financial implications of children. Sure, there are the day-to-day needs of baby food, clothes, cribs and so on, which eventually evolve into any number of other costs (school, holiday gifts, etc.), but what about the financial needs that may not be right in front of you? Furthermore, as unpleasant as it can be to consider, what about the needs your children would face if you were no longer around to meet those needs? This is where estate planning for families with young children becomes a critically important, yet easily overlooked, need.
Planning for Your Children’s Upbringing
Even the healthiest and youngest of parents live in a world where car accidents, violent incidents, and other types of catastrophes can mean that you are here one day, gone the next. If both parents of a child die or otherwise become unable to parent the child, the family court system will need to place your children with another caregiver and/or agency. By working with an estate planning attorney, you can take the necessary steps to name a guardian and to create clear instructions on how your children should be raised in your absence.
Planning for Your Children’s Financial Stability
In addition to not having your guidance and parenting, a family who loses a young parent also loses out on all of the income that that parent would have made over his or her lifetime. In addition, without a clear estate plan in place, whatever assets the parent did have may not be directed to the parties that the parent intended to benefit, or in the manner that best meets their needs. Parents of young children can work with an estate planning attorney to create trusts and other types of financial instruments which provide for children’s financial needs while at the same time shaping their future. Furthermore, taking the steps now to build a prosperous future will help you to make the intelligent investing choices to ensure your family has financial stability and security when they most need it.
Planning for Your Legacy
When my first daughter was born in 2009, I quickly realized the intense responsibility I had for helping to shape her future for the many decades to come. I understood that building that future for her was not just about money, but also about instilling in her the same values and traditions that my parents worked so hard to instill in me to my great benefit. In my own estate planning on her behalf, I worked to create strategies that would take care of all of her needs while helping her build a life that reflects our family’s values and legacy. I am now honored to help other parents build that same legacy within their own families.
Plan for Tomorrow With an Experienced Estate Planning Attorney Today
Thomas Ledbetter at The Ledbetter Law Firm, APC is dedicated to helping parents with children of all ages plan for their future and the futures of their loved ones. Contact The Ledbetter Law Firm, APC to see how you can begin creating an estate plan that brings security and stability to your loved ones while granting you peace of mind today.