Young Families Need Planning Too, 11/17/2009

As a client, you understand the benefits and protections that a properly drafted estate plan can provide you and your family. You have protected yourself and your assets, but what about your children? Have they created the essential documents that they need for themselves and, if relevant, their children?

We often forget to consider our estate planning needs until we reach our elder years and, by that time, our children have generally grown and moved out on their own However, the most important time to create the essential estate planning documents is actually during a family’s younger years. This is especially important as most parents have specific intentions regarding how their children are to be taken care of if they were to pass on. This involves such issues as designating who their children will stay with, where the money will go, who will have power of attorney, etc. It is imperative that the necessary documents are set up for the well-being and security of their children.

Essential estate planning documents allow parents to designate guardians and powers of attorney to ensure their children are taken care of, by those that the parents trust. Young families need a basic trust to ensure the children are protected and provided for should the parents pass away.

Morris Hall has developed our new Estate Planning Essentials document package especially for this scenario. Understanding that young parents might not have the income for a living trust at this point in their lives, the Estate Planning Essentials gives them the necessary protection for their children without the expense of a standard living trust.

The Estate Planning Essentials includes the following protections:

  • Will with minor’s trust provisions
  • Living Will
  • Healthcare Power of Attorney
  • Property Power of attorney
  • Minor Power of Attorney
  • HIPPA Disclosure Form

If your children have not set up all of the documents listed above, it is imperative that they do so without further delay. These documents are truly necessary to protect the ones you love and provide an assurance for their future. Protect them today – request an appointment for them, or forward on this vital information to help them move one step closer to the protection they need.