Every adult should really have an estate plan. Yet, if you have dependents, it becomes even more important as they rely on you.
Here are some of the reasons why making an estate plan will make things easier for them
Someone to care for them if you pass before they become adults
Once your kids turn 18, they are legally in charge of themselves. Until then, an adult must have legal charge of them. Right now, that is you. If you were to die, someone else needs to fill that role, and if you don’t choose who, by naming someone as a guardian in your estate plan, a court will pick someone for you should the need arise.
Someone to fund them
If your kids are still at school, they can’t earn their own way. They rely on you for income. You can put money aside so that they will be OK if you were to die before they are ready to fend for themselves. Remember, this may be long after they turn 18 if they wish to pursue further education.
Someone to make it clear what happens when you die
Who would you have wanted to keep your guitar collection? What about the house? You don’t want your kids squabbling over that, nor having to deal with the stress of trying to work it out fairly. If you make those choices and document them in your estate plan, it keeps things simpler for your kids.
The same applies to health care decisions. You don’t want to put your kids in a position where they feel bad because they think you would have wanted to die peacefully while someone else wants to keep you alive at all costs, even if it is through life-support machines. Writing an advance healthcare directive, or naming a healthcare power of attorney can clarify your choices and who has the decision-making authority for anything you have not outlined.
Learning how to document such things will be faster with appropriate legal guidance.
