When you have a young family, it is necessary to have an estate plan in place. An estate plan will protect your children and ensure that they are cared for should anything happen to you and your spouse. As a young family, there are a few specific things you need to make sure that your estate plan includes.
1. Determine a Guardian for Your Children
The first thing that you need to do is determine a guardian for your children. This is one of the most important steps of estate planning when you have children. Keep in mind that determining a guardian doesn't have to be just one individual. You may want to write who would be the primary guardian and who can help with raising your child. Perhaps you want your best friends who have children that are a similar age to take care of your children if necessary, but you want to ensure that your parents, your children's grandparents, have visitation at least twice a month with your children.
Your estate plan is where you write down all of those details. Since life doesn't always work as we plan on it working, it is always a good idea to have a backup guardian plan. Although the odds are slim that this document would ever be necessary, if it does become necessary, no one will have to guess about your plans for raising your children.
2. Set Up an Inheritance for Your Children
Next, you also need to plan for your money in the worst case scenario. You are going to want to make sure that your children's financial well-being were to be taken care of should both of their parents perish. In order to do this, you are going to need to appoint someone specifically to manage your child's inheritance until they are an adult. You will have to appoint someone who will provide your child's guardians with the money they need to raise your child. This doesn't have to be the same people that you choose to be guardians to your child. This can be someone different who is good with money.
3. Make Sure You Have Enough Insurance
Part of your estate planning should be making sure that you have the resources to take care of your kids should one of you die. One of the best ways to make sure that your family is taken care of in the result of an untimely death is via insurance. Life insurance can help make sure that your family is taken care of in the event of your death. If you are the main income provider, make sure that your life insurance policy would make up for the lost income on your part. Don't skimp on life insurance if one of you is a stay-at-home spouse; replacing that childcare can be really expensive.Share
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