One of the biggest reasons people choose to do estate planning is the thought that their children may not be protected in the event of their deaths.
Unfortunately, if both parents were to pass away while their children are minors, and they have not done any type of estate planning, many decisions concerning where the children will live and what will happen to their money are left in the hands of the court system.
Instead, it’s better to do some documents while you’re alive that will protect your children. A well drafted estate plan will usually include a will, a power of attorney, a New York Health Care Proxy, and a living will. The plan may also include a revocable living trust. These forms are designed to protect your spouse and your children in the event of your untimely death or disability.
In the will, you will typically name a guardian for your children who would raise your children in the event something happened to both parents. Your will or your living trust could provide that your property would be set aside for the benefit of your children until they reached ages at which they would be capable of handling the money on their own. The will or trust will also name someone to handle that property.
With a little advance planning, you can ensure that your wishes will be carried out for your children in the unlikely event something happened to you.
If you are in New York and you are interested in talking with an attorney about how to protect your kids, call the New York Estate Planning Attorneys at Friedman & Ranzenhofer at 716-542-5444. Our attorneys have a significant amount of experience with New York estate planning.