It is a widely held belief that estate planning is only for the wealthy and elderly. In fact, only about 33% of Americans have the proper documents established to protect their legacy and their loved ones’ future.
However, estate planning is crucial for everyone, especially if you have minor children. As a parent, you have likely childproofed your home, researched the best schools and chosen the best pediatrician for your child. But have you considered what would happen to them if you were no longer able to care for them?
Estate planning necessities for Oregon families
If you and your co-parent lack an estate plan and something unexpected happens to both of you, you risk losing control over your children’s future care and well-being. Without proper planning, the court would step in to decide who cares for your children and how to manage your assets – decisions you would probably rather make yourself. When crafting your estate plan, consider these essential elements:
• Guardianship: Naming a guardian for your minor child ensures they will remain cared for and raised according to your values and wishes if you can no longer do so. This trusted individual will make crucial decisions about your child’s upbringing, education and health care in your absence.
• Trusts: Establishing a trust creates a safe and structured way to manage and distribute assets to your children. This approach allows you to protect their inheritance, preventing mismanagement and ensuring responsible use of resources as they grow.
• Special needs planning: Estate planning requires additional thoughtfulness for children with special needs. A special needs trust helps you provide comprehensive care and support for your child while preserving their eligibility for essential government benefits.
By including these critical components in your estate plan, you can create a safety net to secure your child’s future no matter what happens.
The power of estate planning
Contemplating a future where your children might grow up without your guidance can feel overwhelming. However, estate planning encompasses much more than this difficult scenario. It is a powerful way to extend your care and protection for your children far into the future. With a solid estate plan in place, you can face the future with confidence, knowing you have done everything possible to secure your family’s well-being.
