The Top Goals Of Estate Planning

Posted on: 2 July 2019

Estate planning is something that many people avoid doing because it is not always pleasant to think about the future and the possibility that you could die, but it is something that is important to do, especially if you have young kids. If you have young children, you should take the time to meet with a lawyer for estate planning services. Here are the top goals you may have if you are in this season in life.

Create a Plan for Your Children's Care and Well-Being

The first goal you may have in estate planning is creating a plan that would cover the care and well-being of your children if you and your spouse were both to pass away. If you both died, who would care for your kids? If you do not name a person to be the caretaker of your children, the case would end up in court and the judge would have the right to make the decision. If you want to control this decision, you would need to plan this beforehand.

Provide Financially for Your Kids

The second goal you might have in this situation is to create a plan to take care of your kids financially. If you have life insurance, you will likely want the proceeds to be transferred to your kids. This money could help raise them, pay for their college, and provide them with a lump-sum of cash when they reach a certain age. The problem is, if you do not plan this, a judge will get to decide how this will work.

Ensure that Your Kids Receive Your Assets

The third goal you will probably have is to make sure that your kids end up receiving your assets at the appropriate time in life. If you own a house, have cash in the bank, and have other assets, you will need to come up with a plan of how this will all be handled and taken care of to make sure that your children end up receiving their fair share of your wealth.

If you currently do not have a plan for these things, you should consider making a plan by meeting with an estate planning lawyer. This is the best way to ensure that your kids will be protected if you both pass away. An estate lawyer will help you learn what your options are and the best strategies to use to achieve these goals.

For more information, contact a law firm like the Skeen Law Offices.