Thinking about the end of one’s life is not something most people want to think about. Nevada families with young children likely do not expect that their lives will end until sometime far in the future. This may be true, but procrastinating on estate planning could have detrimental effects if the unexpected does occur.
Parents who have young children may feel that they do not need a detailed estate plan because they have not had the time to accumulate as many possessions or assets as a couple who has been together for a longer period of time. The unfortunate reality is that the future is uncertain, and if something happens to parents, the children will need to be taken care of whether that means a friend or another family member will begin to provide for them. This is just one of the details that can be included in an estate plan, to ensure that parents will not have someone they do not wish to care for their kids granted custody. Creating a will that designates a specific potential guardian and one or two alternate choices can give parents peace of mind.
Some parents may wish that the financial portion of their estate is put into trust with a different person than the one who cares for their children. There can be a variety of reasons why they might wish to do this, but the choice is up to them. That designated person can still make certain that the children’s financial needs are met, without the children’s guardian having control of the funding.
It is never too early or too late for families here in Nevada to think about estate planning. Doing so can offer peace of mind to parents that their specific wishes will be carried out. It can help to ensure that their children will have a bright future, even if they are not there to share it with them.
Source: nwitimes.com, “Estate planning: Start planning now for children“, Christopher W. Yugo, July 5, 2014