Estate Planning for Young Families in Overland Park, Kansas
As parents, we allocate a lot of our time and energy, as well as our financial resources, preparing for our children’s future. We work to secure paths that provide the best opportunities in life. We think about sports, extracurricular activities, schools, colleges, and careers.
We dream about watching our children grow up to raise children of their own. However, not all parents get to realize this dream. Certainly, the odds of your children growing up without parents is remote. Recently, we have helped two families where both parents died, leaving behind minor children. These experiences have impressed upon us the importance of planning for all possibilities, including parents’ untimely death.
At Barry Law, LLC, we find that most people do not consider Estate Planning a concern until they begin grappling with retirement and senior issues, long after the children are raised. Why do parents of young children fail to plan for this critically important risk? Perhaps none of us believe we will die young. Maybe parents with minor children simply do not understand of the consequences of a failure to properly plan.
Barry Law, LLC is passionate about educating parents with minor children on how to prepare in the event of their sudden and untimely death. Parents need to understand the risks and the costs associated with a failure to plan, and how being proactive can add layers of protection for the whole family.
Here are three of the issues that parents must be considered:
Who will raise your children? We find that parents struggle with this issue more than any other. You want to identify a guardian who shares your values, your religious beliefs, and can guide your children to realize their greatest potential. The guardian not only must satisfy these requirements, but must be ready, willing and able to accept the responsibilities of raising your family.
What happens if you fail to nominate a guardian? If something happens to you, and you have failed to plan, the courts are responsible for ensuring your children are protected. This means a judge will decide who raises your children. The judge may select the person you would have chosen, a different family member or a stranger. The judge is in control. Perhaps your family will fight over who should raise your children. How traumatic would this experience be for children who just suffered the loss of their parents?
How will the assets of my estate be used in raising my children? With a bit of planning, you can have a lot of say in how your estate will be used to give your children the best opportunities in life. Without planning, each of your children will be given a share of your estate and have full access to spend their share upon their 18th birthday. Most young adults lack the experience and financial maturity needed to manage assets. Can you imagine your children foolishly squandering the nest egg you provided foolishly?
How can you protect your family? The first thing you need to do is know your options. Barry Law, LLC offers free Estate Planning Workshops for young families. Our interactive and information-packed workshops are designed to explore these important concerns and answer all your questions. We will discuss guardianships, trust law and other estate planning techniques to protect your family.