No one wants to think about leaving their kids and family behind when they pass away, however, if you have the best estate plan possible for your family, then you can make sure they will be well taken care of. When your kids are old enough to be on their own at college, it may be a good idea to update your estate plan to reflect these changes in your life. Here are some things to consider so you can make sure your estate plan is right for you and those you love. Also, once you have considered these things, you should speak to an estate planning lawyer at the Higgins Firm. We will answer any questions you may have and help you decide on the best options for you.
You may be wondering what will happen to all the money you have saved once you are gone. Perhaps you worry that your kids will spend all of it on things they don’t need or that they will stop pursuing an education or maybe that someone will take advantage of them to get the money they inherited. These are worries that many parents have. There are a few things to consider to keep your family safe and protected even if these or other things occur.
• Consider creating a Trust for your Child
You can create a trust while you are still living or create a trust that will be effective after you pass away.
A trust can allow your child to get money over time at certain age milestones in order to prevent them from getting a large amount of money all at one time. This way they will still have some money when they need it. A trust can allow for your child to have financial support and to use portions of the trust money for reasonable costs such as for health or medical bills, education costs or any other reasonable expense they may have. Finally, having a trust for your child can help keep them protected from creditors and other money concerns after you pass away.
Something else you may want to consider since your children are growing up and going out on their own is what kind of estate plan they will have. You may worry what will happen to them if they get hurt or who will be in charge of making their medical decisions for them if they are unable to do so. If your child is away at college, you have options for power of attorney. These options are:
• Durable Power of Attorney
This allows the person nominated to take over for the person that is unable to make their financial decisions and to make financial decisions on their behalf.
• Healthcare Power of Attorney
This allows the appointed person to make medical decisions for the person unable to do so. The person typically has to honor the healthcare wishes of documents signed by the person who appointed them.
We all hope that these are decisions and situations that we never have to make or face, but life can often be unexpected at times and having these estate plans in place will help you feel better about your family’s future once you pass away. If you have questions about your estate plan, you should contact a compassionate and experienced estate planning lawyer with the Higgins Firm. We realize how difficult these decisions may be for you and we will help to make the process as easy as possible for you. We will also help you decide on the estate plan that will best protect the ones you love.
Please contact us today online or by calling 800.705.2121 to discuss your legal options.