While estate planning provides security and peace of mind for everyone, parents receive additional benefits. When parents in California carefully plan their estate, they are able to secure futures for both minor and adult children. Few parents want to consider the grief they will leave behind when they pass away, but proper estate planning helps to ease any additional burdens that their death may have upon their children.
Minor children need appointed guardians
If you have minor children, one of the most crucial parts of estate planning involves deciding who will take care of your children in the event of your death. Making this decision involves asking yourself the following questions about your proposed guardians:
- Can they physically handle children?
- Will relocation be necessary?
- Do they have stable finances?
- Will they provide the kind of life you want for your children?
Blended families require updated documents
Through the thrill and hard work that comes with blending two families, parents and stepparents sometimes forget that their estate planning documents must be updated. The beneficiaries of your 401k, wills and trusts must be updated to include your new spouse and any stepchildren you want to list as heirs.
Estate planning includes advanced healthcare directives
Advanced healthcare directives contain information about the type of medical care you want to receive if you become unconscious or terminally ill. For parents, this type of estate planning lifts the burden off of children who would otherwise have to make those decisions.
Estate planning protects your children
Most parents do not want to leave their children behind. But estate planning allows parents to provide wealth and care for their children in case of death. Since death often occurs due to an unexpected accident, it may be time to consider estate planning today.