As parents, we’re hardwired to prioritize our children’s well-being above all else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Yet, amidst the hustle and bustle of daily life, it’s easy to overlook a crucial aspect of their future: what happens to them if we’re no longer here to care for them?
It’s a sobering thought, but one that deserves your attention. You may assume that in the event of your untimely passing, your children will automatically be cared for and inherit your assets. However, the reality is far more complex and potentially unsettling.
Let’s unpack why relying on these assumptions could leave your children’s future in uncertain hands.
The Myth of Automatic Care
Yes, it’s true that your children will inherit your assets upon your passing. However, without advance planning, the management of those assets will fall into the hands of a court-appointed trustee. This is an expensive proposition for the people you love most, and worse, the trustee may not necessarily align with your values or financial philosophy, leaving your hard-earned assets vulnerable to mismanagement.
On top of that, and maybe worst of all, under current laws, once your child reaches the age of 18, they gain unfettered access to their inheritance. While you may have envisioned these assets providing a foundation for their future endeavors, the reality is that many 18-year-olds lack the financial maturity to handle such responsibility. From impulsive spending to falling prey to financial scams, the risks are significant.
The Importance of a For The Kids Plan™
So, what’s the solution? Enter the For The Kids Plan™—a comprehensive legal planning system designed to safeguard your children’s well-being and financial future in the event of your incapacity or passing.
A For The Kids Plan™ empowers you to designate a trusted guardian who will step in to care for your children if you’re unable to do so. This ensures your children will be in the loving care of someone you know and trust, rather than leaving their fate to the discretion of a judge who may lack intimate knowledge of your family dynamics.
Moreover, a complete For The Kids Plan™ goes beyond long-term guardianship appointments. It includes a detailed roadmap for the management of your assets on behalf of your children, specifying how funds should be allocated for their upbringing, education, and other needs. By setting clear guidelines, you mitigate the risk of financial mismanagement and ensure that your children’s inheritance serves its intended purpose: supporting their growth and development.
Leave Behind Detailed Instructions
Naming legal guardians is just the first step to protecting your children when you’re gone. Your For The Kids Plan™ won’t do much good if the people named in it aren’t aware of your plan or your wishes. You want to make sure your children’s guardians know your desires for their upbringing. Some things to include might be:
- Faith and religious practices
- Philosophy on education and where you’d want them to go to school
- Activities you’d want your children involved in
- Nutrition, medical care, or any other health considerations
One of the benefits of working with an experience estate planning lawyer is that we make sure that everyone named in your plan is informed of what to do if the unthinkable happens to you. And, if you are working with us, we’ll be there to guide them each step of the way.
Planning for the Future
At Jacob & Greenfield, we understand the gravity of planning for your children’s future. That’s why we offer personalized estate planning design session where we consider your family dynamics and your assets, and then help you choose the right planning package and fees to safeguard and protect what matters to you most.
Whether you’re a new parent or revisiting your estate plan, our experienced lawyers are here to provide the guidance and expertise you need to secure your family’s future for generations to come.
Schedule a complimentary 30-minute virtual consultation to learn more about our unique estate planning process. Together, we will explore your current arrangements and identify any gaps that may leave your children vulnerable.
Don’t leave your children’s future to chance. Take the first step toward peace of mind and lasting security. After all, your children deserve nothing less than the assurance that they’ll be cared for and cherished, no matter what the future holds.
