You’re married, or single, with young children, and your primary focus is on the family, on the here and now – providing for the essentials and giving your kids the best life possible. It’s certainly not about estate planning, not about planning for unforeseen or far off events. As far as you’re concerned, estate planning is for later, when the kids are grown, you’ve accumulated assets, and you want to put things in order before it’s too late. But wait… estate planning is really for adults whatever their stages in life. While it may be unpleasant to think about how your family will fare if you’re not around, preparing a Will, A Health Care Directive, a Power of Attorney, and other related documents is important for your family’s ongoing well-being. And, doing so will NOT make bad things happen. On the contrary, it may give you peace of mind – one more thing off the “To Do” list – and that’s a good thing!
So, for example,
– you’re single with two children. You travel a fair amount for business. Don’t you want to make sure that you have a Will that specifies the Guardian who will raise your children if you’re not around?
– you’re married and your child has special needs. You might want to establish a Trust to help ensure that, if you’re gone, financial assets are in place and managed by a Trustee you’ve specified to care for your child.
– this is a second marriage for you and your wife. You both have children with other partners. Each spouse may need to do some estate planning to help ensure that assets are properly divided between the surviving spouse and the kids.
People’s estate planning needs may differ at different stages in life. Estate planning is an important thing to do at each of those stages.
Getting Legal Help
Experienced Estate Planning Attorney, Elga A. Goodman, can help you understand the various estate planning issues that pertain to you and your family. She can help you structure an estate plan that will meet your needs and those of your loved ones. Contact us today at 973-841-5111.
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