Do you have minor children? If so, you need to begin estate planning. Even if you have a life insurance policy, single parents or couples with minor children should have an estate plan. Although it’s never fun to think about death, it is better to be prepared and make sure your wishes for your children are documented so that they are carried out.
Far too often, parents of young children put off estate planning in Georgia because they think they are healthy or they don’t want the added expense that comes along with estate planning. Additionally, a couple may never think that they could both die, leaving their kids behind. However, many parents of minor children are killed in car accidents before they have established who is going to physically and financially care for their children. When this happens, the courts have the responsibility to determine a guardian for those children.
Estate Planning in Georgia Can Reduce a Parent’s Fears
It is better to plan and name a guardian for your children than to wonder who will raise your kids in your absence. Establishing an estate plan helps calm a parent’s fears because you can choose an appropriate guardian—maybe someone who is more like you—to raise your children if you pass away while they are still minors.
There are other issues to consider besides a guardian. How will your children be fed and clothed? A will and trust needs to be established to financially care for your children until they are of age to do so.
Estate planning for parents of young children should involve these goals:
- Who can and should care for your minor children?
- Who should handle the property and business affairs of the estate?
- Who will handle the children’s property until they are old enough?
It is important to not let your children’s lives be left up to the court to decide. There are many things to consider, and parents of young children should seek the advice of an experienced estate planning attorney for help setting up a trust, will, or other documents.
Physical care and financial care of children requires plans to be in place. Don’t put off planning for your children any longer. The time to start estate planning is now, and the Law Offices of Shane Smith can help you. Call a qualified Peachtree City estate planning attorney today at (770) 487-8999.