Carefully planning an estate is the best way for anyone to secure the future of their property and financial assets. It is a complicated, yet very necessary process. Thankfully, the Lexington estate planning attorneys at Wiggins and Hall Law Group, LLC have the experience necessary to create a will or trust to fit your individual family structure and financial needs.
Do I Need An Estate Plan?
Whether you’re a newlywed contemplating starting a family, you recently became a first-time parent, or you’re a seasoned parent with multiple children, it’s never too early (or too late) to start estate planning. This topic is never easy to talk about or contemplate, but the reality is that establishing an estate plan is one of the most important things you can do to ensure that your children are taken care of according to your wishes if anything were to happen to you.
Approximately half of Americans die without an estate plan in place. There are several likely reasons for this statistic. Many people believe that they do not have sufficient assets to warrant the expense of hiring a Lexington estate-planning attorney. Others may be reluctant to envision and plan for their own deaths. Additionally, some people hold the misconceived notion that the law will take care of things in a satisfactory manner.
The truth is that even parents without significant assets still have a strong incentive to plan for the future of their children, and the state laws on intestacy (the set of laws used when someone dies without a will) likely will not line-up perfectly with the actual wishes of a parent. That’s why if you haven’t thought about these topics, and discussed them with you loved ones, it is vitally important you do so.
Minimal Assets Do Not Negate the Necessity of Estate Planning
Through estate planning, you can craft a plan for not only the disposition of your property, but also for the personal care of your children through the designation of a guardian, who would care for your children if you die before they reach the age of 18. Without the designation of a guardian, a court will appoint a guardian to be responsible for your children, which is a scenario that most parents would like to avoid.
It is likely that designating a guardian for your children will be a difficult process, and you should take time to consider all options before making a decision. Some parents choose to designate one person to be the guardian over their children, and a different person to be the property guardian (or trustee) to manage their money for their children until they reach adulthood. It would be in your discretion to appoint one person to take on both of these roles. You may also want to choose an alternate guardian in case the first guardian is unwilling or unable to perform the necessary tasks.
To schedule a free consultation to discuss these issues with a Lexington estate-planning attorney, contact Wiggins & Hall Law Group, LLC at (888) 474-0703, or fill out a free online case evaluation form. We would be happy to provide a free consultation to discuss these issues with you and your family.