As a parent with minor children, it is important to make sure that your estate plan is up-to-date. This ensures that they will be taken care of in the event of your death or incapacitation. It can also minimize any tax consequences on their inheritance and allow them to maintain control over assets until they are old enough to handle it themselves.
In this article, we will discuss what you need to know about hiring a lawyer for your estate plan and what you should expect when doing so!
When you hire a lawyer for your estate plan, it is important that they understand the complexities of these types of documents. Before making a hiring decision, you should feel comfortable with your lawyer and their fees (because different lawyers use different fee structures).
At the end of the day, you should be able to trust that your lawyer will handle everything in a timely and professional manner.
The first thing an attorney will do when drafting an estate plan is meet with their client and determine what type of planning would be best for them. Every situation is unique, so it’s important to have a consultation with your attorney in order to get the most accurate advice!
The next step in this process would be drafting a Will or Trust that explains what you want to be done when certain events happen (such as death or incapacitation). Make sure that any assets you want to go to your children are specifically mentioned in the document!
Your lawyer may also help you set up a Power of Attorney. This legal document allows someone else to make decisions on your behalf if you are unable to do so yourself. You can choose who this is and what they are able to do. Your lawyer can also help you appoint a guardian for your children, which gives you peace of mind knowing that your children will have the right guidance in their upbringing. This will also reduce the risk of your children having to go to court if anything happens to you and your spouse.
Lastly, an estate plan should always include a discussion of your funeral wishes. This allows your loved ones to have some closure and not feel as though they need to make these decisions during an already difficult time.
If you are ready to create or update your family’s estate plan, contact my office for a free strategy session. During our initial meeting, you can ask as many questions as you need to get clear on your needs and what type of estate plan will best protect your family.
Have Realistic Expectations. As a parent, it is important to have realistic expectations for your children. This includes both their abilities and what you can control in their lives. You cannot always expect them to excel in everything they do and you also cannot shield them from every disappointment or difficult situation. It is also important to be there for them when things don’t go as planned, and to support them in their goals.