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How an Estate Plan Can Benefit Your Children

How an Estate Plan Can Benefit Your Children

Parents want, more than anything else, to be there for their children. Unfortunately, if the last living parent suffers an untimely death, his or her children may be left in the dark if he or she did not create a proper estate plan. As a parent, there are several things you need to know about creating an estate plan for your children’s benefit. The truth is, every parent has to do this, no matter their age–and don’t fall into the trap of saying, “I don’t have any assets.” This simply isn’t true, and what’s more, there are several things you can include in your estate plan and will that have very little to do with money, and more to do with other aspects of your life.

While there is nothing more difficult on a child than losing their parent at an early age, when you create an estate plan, you can help mitigate the stress your child feels surrounding the legal and financial aspect of your estate upon your passing. If you believe you are ready to draft a comprehensive estate plan for your children, should the worst happen, here are some of the questions you may have:

How can I help my children by writing a will?

Wills, aside from setting instructions regarding how your finances and estate should be handled after your passing, can also establish important figures in your child’s life, such as a potential guardian, should your child lose his or her parents as a minor. In fact, appointing a guardian, for parents, is often the most important part of their will, and understandably so. No parent wants anyone to raise their child but themselves, however, all good parents would far rather choose a guardian themselves, as opposed to a court decision. Speak with the person you would most trust with your child and ask if they would be your child’s guardian, should the situation ever call for it.

What is a durable power of attorney?

A durable power of attorney grants others permission to make certain key life decisions for you, should you ever become incapacitated. You can establish a power of attorney to manages your finances, should the time come, especially until your minor children are old enough to take over. Additionally, you can establish a health care power of attorney as well, which allows a trusted individual to make key medical decisions for you if you are unable to do so on your own.

Contact our experienced Rockland County firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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