Estate planning is a critical part of planning for the future. Wills, trusts and powers of attorney can help people obtain peace of mind for themselves as well as their beneficiaries. These estate planning tools can also have significant practical and financial benefits by lowering taxes, probate costs and associated delays. In particular, trusts can create structures that pass on significant sums of money while providing far greater control to the creator than simply relying on a will.
However, beyond the traditional estate planning tools, parents may be particularly interested in creating documents that make clear exactly what should happen to young children under certain circumstances. Specifically, in a case when the parents pass away suddenly or unexpectedly. Within the text of a will, parents can name the preferred guardian for their child, a process that can be verified in court.
However, a young child suddenly without parents may need immediate support, and it can be unclear what should be done until the guardianship goes to court. A child may be placed temporarily in foster care or in a facility. Parents can help to avoid this outcome by creating a document that lays out clear actions to take. This could minimize trauma to the child.
An estate planning lawyer can help a client create financial and practical guidelines for the future. From traditional documents like wills, powers of attorney and advance health care directives to personalized options that address unique concerns, a lawyer can do what’s necessary to protect the client’s vision for the future of their family.