Young Parents Need a Last Will and Testament
Even if you don’t have a lot of assets, if you have children under the age of 18, you need a last will and testament in order to designate a guardian for your minor children. If something tragic should happen and you and your spouse are no longer able to care for your minor children, the court will assign someone to care for them if you have not designated someone in your will.
Four Things to Consider Carefully are:
1. Geographic location—Consider whether your children would have to move to another state or maybe even another school district? How would your children handle that transition? Does the guardian live in a neighborhood where your children would feel safe and comfortable?
2. Age—Is the guardian old or young enough to manage the demands of your children? If your guardian has older children, how will he/she manage taking care of your younger children? If you guardian is single, how will he/she adjust to the responsibility of having an instant family?
3. Financial Responsibility—Will the guardian be able to financially provide for your children or be able to manage any money you have set aside for them? However, if someone would make a great parent figure for your children but is not at all financially savy you can always designate a trustee to manage the finances until your child is an adult.
4. Values—Does the guardian share your family’s values or religious beliefs?
Experienced Estate Planning Attorney Elga Goodman has helped many young parents create a plan to protect their children in the event of a tragedy. Call us today at 973-841-5111 and take the first step in protecting your children’s future.
Posted in: Estate Planning, New York Estate Planning