It is not the wealthy singles who are most in need of an estate plan.
Most people think protecting their children is more important than money. That’s why parents with minor children have more reasons to plan their estates than wealthy single people, according to Volume One in “When There’s a Will.”
When parents of minor children plan their estates, they accomplish two very important tasks. First, they figure out how their children’s expenses will be met. Parents who thoughtfully prepare their estate plans can decide who will handle their assets for the benefit of their children and how that will be done. Even more importantly, they can decide who will take care of their children, should they be orphaned.
An estate plan is the only means by which parents have a say regarding who should be appointed as the guardian of their minor children, if anything happens to the parents.
An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances and may include minor children.
Reference: Volume One (March 7, 2018) “When There’s a Will.”