Necessary Estate Planning for Parents with Minor Children

Are you a new parent or parents without an estate plan?  This applies to you!

From that special moment you find out you are going to be a parent, there are decisions you have to make to prepare for the arrival of your child. It’s understandable that, in the midst of all of those choices, the last thing that may enter your mind is estate planning.

You may think of estate planning documents as being just for the elderly, but that is not the case. If you are a new parent, or parents without an estate plan, you should consider getting documents prepared that will establish your estate plan. Unfortunate circumstances happen every day; therefore, making sure your wishes are in place for your children is essential. Too often people put off getting estate planning documents because they think they don’t need them, and that it can wait. Young parents often think they won’t be able to afford setting up an estate plan, or they simply don’t want to think about the prospect of dying. Though these are common thoughts, no matter your age, or the value of your assets, making sure your children and family are taken care of, should something happen to you, is a priority. As a parent, tackling your estate planning early on will give you a sense of relief knowing that you have done everything possible to ensure that your family is going to be provided for should you become incapacitated.

A will allows parents to a nominate and appoint a guardian for their minor children. If the worst were to happen, then this document would save heartache and potential legal arguments between family members who may fight over guardianship. Additionally, within a will you can set up a testamentary trust, which will allow you to leave financial assets for your children but will keep them from receiving a full disbursement until the age of your choosing. At The Carroll Law Firm we draft wills with flexible language to accommodate for growing families and people who’s assets may grow or decline dramatically.

The Carroll Law Firm provides the necessary documents for estate planning including Last Will and Testaments, Living Wills, Powers Of Attorney (Financial, Health Care and Mental Health Care), Guardianships, Trusts, Beneficiary Deeds, and Special Needs Planning. Our firm is family orientated and stresses the importance of estate planning for the reason that we need to make sure our families are protected. The Carroll Law Firm offers a free initial consultation for estate planning to ensure that parents can consult with an attorney and learn about the importance of estate planning. To schedule an appointment with an attorney to discuss estate planning, please call the office at (623)551-9366.

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