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Plenty of Parents Missing Key Documents for Estate

July 8, 2019

Filed under: Estate Planning — Laura Pennington @ 9:15 am

Having an estate plan is an important part of your overall financial picture, especially if you’re a parent. A recent study found that plenty of parents are missing key components of the protective documents they could use in order to outline a future for themselves and their children.

Having a child is a big milestone in your life, but it also calls on you to think bigger about how you’ll protect that child if something happens to you. A will is the most basic of estate planning documents, since it allows you to determine who will be the minor guardian if something happens to you and your spouse in addition to outlining where your assets will go.

If you have children, you get to have a say in who will be their guardian. Most parents don’t want this process left up to the courts. You can choose who you want to step into this important role based on what is best for your family rather than what the court deems appropriate.

Sitting down with your spouse or the other parent to discuss this all-important role is recommended. Even if you are separated or divorced, there are important considerations in choosing a person who will be active in your child’s life if you are no longer around.

Finally, the person you choose to serve as the guardian for your minor should be aware of this fact and fine with serving in this way. Even if you believe someone would be the perfect fit to take care of your children if you’re no longer around, you need to make sure they are comfortable serving in such a role, too.

Schedule a meeting with NJ estate planning lawyer if you’re missing a will, power of attorney, or other documents.

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