Make Sure Your Kids Are Cared For Your Way: Here’s How
Most people believe that if something were to happen to them, their children would automatically be cared for and inherit their assets without any issues. However, the reality is often more complex and can be unsettling.
Simply relying on assumptions can leave your children’s future in uncertain hands. That’s why, in this month’s blog, we’re sharing some actionable steps you can take to ensure your children are cared for according to your wishes and that your assets pass on smoothly.
Taking these steps now can provide peace of mind and security for you and your loved ones. Don’t miss this vital information — read our latest blog to learn how to protect what matters most.
Intentions and Assumptions Are Not Enough
As parents, we naturally prioritize our children’s well-being above anything else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Amid the hustle and bustle of daily life, it can be easy to overlook an essential aspect of their future. But, really, what exactly will happen if we’re no longer here to care for them?
While a difficult and uncomfortable topic, it should demand your attention. You may believe that if something were to happen to you, your children would automatically be cared for and inherit your assets. But the reality can be far more complex.
Taking chances leaves your children’s future in uncertain hands. Let’s cover a few realistic steps every parent should take as soon as possible to secure their child or children’s well-being and inheritance.
But it’s not all bad news. You can take control and get clear guardrails in place.
Guardianship and Care for Minor Children
You can (and should!) ensure your children are never left in the hands of strangers, an agency, or anyone you wouldn’t want caring for them if something were to happen to you.
Despite popular belief, naming a guardian in your will doesn’t cut it in cases where you may be incapacitated, hospitalized, or seriously injured — leaving you alive yet unable to care for your children.
Remember, wills are only operative after death.
That’s why we offer downloadable Kids’ Plan* documents to legally outline what you want to happen with your children and their care in your absence. We want every family to have access to these forms, so we’ve priced our Kids’ Plan documents for less than the cost of a dinner for two! Once you complete the forms, connect with a notary to finalize your family’s documents.
Plus, with these downloadable Kids’ Plan documents, you will receive a $750 Planning and Design Session with me at no charge to ensure your affairs are in order. You will also be eligible for $250 off any level of my estate plans for total peace of mind.
Inheritance, Timing, and Control
Minor children will automatically inherit your assets when you pass away. But, without proper planning, a court-appointed trustee will handle and manage those assets. Since trustees are appointed by a court and not someone you would have chosen on your own, they likely know nothing about you and your family. They may not share your values or financial approach, which can be costly and stressful for your loved ones.
Under current laws, once a child turns 18, they will gain full access to their inheritance. Although you may have hoped your children would use any inherited assets to support their future and cover specific expenses, many 18-year-olds are simply not financially mature enough to manage such responsibility. Impulsive spending, bad habits, and even gambling addictions or substance abuse issues can pose risks to many young adults who quickly come into large sums of money.
Proper estate planning provides a detailed roadmap as to who would manage your assets on behalf of your children, how funds should be allocated for their upbringing, education, and other needs in your absence. By establishing clear guidelines, you reduce the risk of financial mismanagement and ensure that your children’s inheritance fulfills its intended purpose: supporting their growth and development however you see fit.
Communicating Instructions and Directives
Naming legal guardians is key but you must also clearly communicate with the designated guardians. Ensure they understand your desires for your children’s upbringing and put all items into writing, including:
Faith and religious practices
Educational philosophy and preferred schools
Activities you'd like your children to participate in
Nutrition, medical care, and other health considerations
I help my clients communicate with everyone named in their plans. Working with me means you have a guide every step of the way.
I Can Help.
Whether you’re a new parent who wants to do planning right from the start or you want to update and strengthen your existing estate plan, I can offer the guidance and expertise needed to secure your family’s future for generations. Set up an appointment with me, and let’s design a plan to provide the maximum benefit for the people you love most.
Mention this article to find out how to get a $750 planning session with me at no charge.
*These documents are usable by Pennsylvania residents only and require notarization. If you are not a PA resident, these forms are not guaranteed to be valid in your state.
