When you start having a family, you might not think much about dying. After all, you are probably young and healthy, and you have kids to take care of, so why would you think about negative things? The truth is that anyone can pass away at any time. If you have young kids, you need to think about this and prepare for it, such as by creating an estate plan. Here are several things you can do to protect your kids through a proper estate plan.
Buy Life Insurance
Do you have life insurance right now? If not, what is stopping you? If you died, leaving your kids without a parent, who would pay for their needs? If you have a life insurance policy, you can feel confident knowing that they would have the funds they need to get by in life. You might want to consider a term life insurance policy that covers their first 20 years or so, but you can ask your estate planning lawyer for advice on this option.
Choose and Name a Guardian for Your Kids
The second thing to do is to choose and name a guardian for your children. A guardian is the person that would care for them if you died. That said, you should choose someone you completely trust, such as a friend or relative. However, you should talk to them about it before naming them on your estate plan.
Select a Healthcare Power of Attorney
You may also want to talk to your estate planning attorney about selecting a healthcare power of attorney. If you get sick or injured and cannot make medical decisions, a healthcare power of attorney steps in to make them for you.
Write a Will
The final thing to do is to write a last will and testament. This document contains all kinds of vital information, including naming your assets and beneficiaries. It also offers instructions about your final wishes, and you can include various other details. A will is the most common tool used in estate plans, but it is also one of the most important ones to have.
When you have young kids, you need to protect them. While you might live long enough to care for them, tomorrow is never a guarantee. To learn more about estate planning when you have young kids, talk to an estate planning lawyer in your city. They can provide more information regarding estate law.
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