Young families have a lot of demands of their time and money; estate planning may not even make the list and when it does, it is often located at the bottom. Many parents assume they don’t need an estate plan because they don’t have a high net worth or a large amount of assets and, therefore, don’t have to worry about the estate tax. But taxes are only one component of an estate plan; a more important part is the future and care of your minor children.
Desert Law Group offers estate planning services for families to ensure children are taken care per their parents’ wishes if Mom and Dad become incapacitated or pass away unexpectedly. We offer both comprehensive family estate plans as well as emergency care plans for children. These emergency care plans go into effect as soon as the parent(s) becomes incapacitated, ensuring children receive immediate caretaking and guardianship.
All parents worry about their children’s well-being and safety, especially if the parents aren’t around to protect the children themselves. An estate plan is one way that parents can provide for and protect their children even if they are unable to do so themselves.
An estate plan usually consists of a will, a power of attorney, and an advance healthcare or medical directive. In the case of minor children, a guardian may be named in the estate plan and a trust may be created to protect and manage the parents’ assets until the child or children are of age to do so themselves.
An estate plan for families with young children is less about preserving wealth and minimizing estate taxes and more about protecting and providing for the children.
Your children are your most important asset. Estate plans and emergency care plans are two ways parents can take steps today to protect their children tomorrow. To learn more about estate planning for families or emergency care plans for children, contact Desert Law Group at 760-776-9977 or use the form below.