Plan for the worst and hope for the best. Sometimes this can be easier said than done, especially as a parent. You don't want to think about "the worst". Our estate planning attorneys at the Lake of the Ozarks understand that. It's not easy to talk about, but it should be discussed. What happens to your children if you pass away, unexpectedly, before they come of age? Keep reading this week's blog for a few things to think about when it comes to planning your will as a parent. If you have any questions about putting together a will, please call our Missouri estate planning attorneys today. Gibbons Law Firm can be reached at 573-348-2211.
Parents: Have You Thought About THIS When Planning Your Will?
THE ASSETS YOU WANT TO MAKE SURE YOUR CHILD WILL HAVE.
In your will, you can narrow down when and how your children will receive your assets. Many times, guardians will be given a portion of the assets in order to help with the expenses of raising the child. On other occasions, all assets may not be distributed until the child is of legal age – 18 years old. You can specify exactly how your child will gain access to your financial assets.
THE PERSON YOU WANT TO BE RESPONSIBLE FOR YOUR CHILD.
If you have someone in mind to care for your child if something should happen to you, it’s important to get that information legally documented. This can help ensure that your child will be with who you intended to help raise them and have guardianship over them. Whether it’s a relative or a close friend, your child should be cared for by the person you wish to do so. If both legal parents pass away, a court will decide who should care for the child or children in question, if there is no specific indication in a will.
WHETHER OR NOT YOUR CHILD WILL BE MOVING TO A NEW CITY.
If you want your child to keep up with his or her normal routine, you can specify where you would like your child to be raised. Whether you intend for the caretaker to move into your home to offer a familiar environment for your children or you want to specify that your child attends the same school, it’s important to note any special requirements that would like to take place.
YOUR CHILD'S FINANCIAL SUPPORT.
Another factor that goes into deciding who will care for your child is how will they financially support your little one. Taking on the care of a child can impact the financial situation of the caregiver. From added food expenses to the cost associated with school activities, you will have to factor these types of expenses into your decision. You can designate a certain amount of your assets to be distributed to the individuals who will gain guardianship of your child. You can also specify that any money that is distributed be used for the sole purpose of raising your child, to avoid it going toward another cause.
Need Assistance Getting Your Will Together?
Gibbons Law Firm is here for you! Your will is a very important document and having an experienced estate planning attorney in Lake Ozark create it for you can help ensure that it is done properly. If you have questions about the estate planning process, please call our phone number listed below. Your first consultation is free and we are here to answer any questions you may have. You can also stay up to date on our latest announcements by following us on our social media channels listed below.