Estate Planning for parents of minor children
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Estate Planning for parents of minor children

Posted by Deborah Rose on Aug 27 2010

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Estate Planning for parents with minor childrenA few moments of serious “what if” musing can make the dull topic of “Estate Planning” come to life for a parent.

“What if my spouse and I both die…? What happens to the children? Who will care for them? Where will they live? How will they be supported?”

“What if I die first, should I leave everything to my spouse? What if my spouse remarries? Should I leave my assets to my children?”

“What if I become incapacitated…? Who will be making decisions on my behalf?”

Each family is unique and has its own values, goals and relational distinctives. Each parent has his or her own estate planning needs. Some parents are single, some are divorced and remarried, some are working with a stay-at-home spouse, and sometimes both parents are employed. Each scenario gives rise to its own set of estate planning issues.

Now is the time to plan for the “unthinkable.” An estate planning attorney can help parents sort through issues and assess the benefit of various estate planning tools and techniques.

A family does not need to have a lot of money to benefit from estate planning. Regardless of net worth, every parent of a minor child ought to have is a will, if for no other reason than to provide a Guardian for the child if both parents should die. In addition, a will tells the world how assets are to be distributed, whether assets should be held in trust, and who will take care of the administration of the estate.

Parents are wise to plan also for incapacity. Documents such as a Power of Attorney, a Living Will, an Appointment of Health Care Representative, and a Designation of Conservator, allow a parent to express his or her wishes while still competent.

Estate planning is an important way for parents with minor children to say, “I love you.”

Deborah M. Rose is an estate planning attorney with Klemonski & Rose Law Offices, 67 Prospect Avenue, Suite 302, Hartford, CT 06106 (860-882-1155)


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