s parents, we take many precautions with and for our children. We check out the babysitter’s references. We don’t let our kids walk to and from the bus stop alone. We tell them not to talk to strangers. We check the smoke alarms on a regular basis and double check to make sure the doors are locked every night. We warn them of various dangers including not playing with matches, or playing near a pool. But do we have them protected should we, the parents, die? Have you sat down with an estate planning lawyer to draw up a will and designate where your children will go?
It’s not something we want to talk about, or even think about. But it happens, and should both parents die in an accident together, who will take our children? Do you want the courts to decide? Do you want relatives fighting over what happens with the kids? Do you want your children separated? What if your children are put in “Aunt Moe’s” guardianship because she has the most money, yet she’d be the most unloving with your children? What if they are taken out of the private school you have had them in because the guardians do not believe the same way you do?
Where minor children go to live is not the only decision that parents need to make with an Estate Planning Law Firm New York City as wills are written. There is also decisions with how funds will be divided equally with the children and who will oversee this and how soon the children should get it . . . all at once or divided up as they reach different ages? Some parents choose to put their assets to be held in a fund until the children are 25 years or even older. Yet, there may be specific needs for the children to get portions sooner, especially for education. With older, adult children, you do not want family quarrels of who is going to get what.
Estate planning is not an easy task, but a necessity for the future. Having wishes put into writing can save a lot of heartaches and tensions for your loved ones.