Many new parents ask us why they need an estate plan. After all, young families usually do not have a lot of money or assets. They are busy working hard and raising their children. However, parents, especially new parents, absolutely need an estate plan. One of the most important things that you do with estate planning is nominate a guardian for your children if the unthinkable happens.
The guardian you nominate for your child is most likely the person who will raise your child and therefore the choice is very personal. If you do not have a guardian named in a legal document then the Court will make a decision without your input and your child may go to someone that would not raise your child according to your wishes. In NC a properly drafted estate plan allows you to put forth a guardian and the Court usually gives great weight to your choice. There are many things to consider when choosing a guardian for your children and we will help guide you in making that choice.
An estate plan will also let you determine who will control the money you leave for your child. It may be that the person you want to raise your child may not be the best person to handle the money and paperwork involved on the financial side of caring for your children. If you have no plan in place then your children will inherit money immediately upon turning 18 and that may not be the best decision for your children. An 18 year old who suddenly has what they consider to be a large sum of money may not make the best financial decision. An estate plan will allow you to decide not only who inherits from you, but when and under what conditions they will receive it.
For more information about how you can protect your family’s future, no matter what happens, contact Raleigh Estate Planning Attorney today at 919-825-3112.