Friday, May 20, 2022

Estate Planning Tips for Parents

Being a parent is rewarding and also challenging. It involves tons of decisions and responsibilities, and joys and discoveries as well. As a parent, you will probably spend countless hours of time thinking about your children’s needs and future and what is best for them. You dream of being there for all the milestones in their lives and celebrating their accomplishments. With all that considered, thinking about what your children's lives would be like if something were to happen to you is not something most parents want to spend a lot of time thinking about. However, it is an important part of looking out for your children’s well-being and future security. But it is still something that is hard for most parents, and at Gibbons Law Firm we are experienced with the process and know how to make it more comfortable for parents and help them get their wishes decided and legally in place. We see first-hand the peace of mind it creates for a parent knowing they have taken care of this important responsibility. So, in today’s blog, we are going to share with you 3 things to think about when planning your will as a parent. 

1) Where Would You Want Your Child to Live?

Is it important to you that your children still live in the same town or the same state? Do you want your kids to have access to other relatives and supportive adults in their lives if something were to happen to you? Do you want them to remain in the same home, if possible, and maintain the same routine, friends, and family relationships they have grown up with? These are all things that can be specified and provided for in your will when you choose a knowledgeable estate planning attorney in mid-Missouri.

2) Who Will Be a Guardian for Your Children?

If you do not choose someone to be the guardian of your children, the court will make that decision. You know your children much better than the court and you know who in your life is more likely to bring your children up with the same values and lifestyle that you would yourself. You don’t have to leave that important decision up to strangers. You can voice your wishes and make them legally binding with a properly drafted will. 

3) How Should Your Assets Be Used?

Some of your assets may be needed to carry out your wishes in raising your child. If you want them to remain in their own home, then you might need to use some of your assets toward paying for the home or living expenses. You may want to dictate that your assets can only be used for expenses directly related to the child, or you may give your child’s guardian discretion to use money provided as they see best for the children. If you have assets that you want to leave for your children directly, at what age do you want them to take possession. Do you want to wait until they are of a certain age when they may be more responsible with the money? These are all things that our estate planning attorneys can help you with while planning your will at the Lake of the Ozarks

Gibbons Law Firm Can Make the Process Easy. 

If you have been putting off getting your will made, we want you to know that it may not be as hard as you anticipate. We are skilled at helping parents through the process and looking out for them and their children. Your initial consultation with us is free and can provide you with the direction you need to move forward and get this very important task done. You don’t have to let the court make these decisions for you and your children, let us help you sort out your wishes and get them legally established. Just give us a call at 573-348-2211 to schedule a consultation. Be sure to follow us on social media using the links to our channels below to stay in touch and hear more helpful tips from our law firm in Lake Ozark

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049

(573) 348-2211

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