Do You Have Kids? You Need an Estate Plan, no excuses!

When you have loved ones, such as you children depending on you, you have no excuse not to create an estate plan.  If you have children you MUST plan for the situation where you are removed from the equation.

Some questions to think about.  Who would care for your children if you were gone?  Financially how would your children be cared for?  Would you want your children to inherit everything at age 18 with absolutely no strings attached?  If the person you initially named to care for your children predeceased you or was unable to care for your kids, who could you name as back up.

It is an absolute must that you provide for the guardianship of your children in not only your last will and testament, but also separate guardianship forms.  Additionally, you should name temporary guardians if your primary guardians are out of state.  Next you should consider how your children will be provided for financially.  Consider living trusts and life insurance.

You may not have any perfect answers now, but it is important not to procrastinate.  Set up a time now to meet with a Michigan estate planning lawyer who can walk you through these difficult decisions with care and counseling.  We dedicate a portion of our estate planning practice to helping parents with minor children navigate these important issues.

-Christopher J. Berry, Esq.
Bloomfield Hills Estate Planning Attorney