Sunday, June 19 is Father’s Day, a celebration on the 3rd Sunday of June that honors fatherhood and paternal bonds, and the influence of fathers in society. A father’s primary goal is to love and protect his children. Consider that this is the year to make a plan to protect their future and provide them with peace of mind after your death.
Estate Planning Provides Your Children With Peace of Mind. Creating an effective estate plan prepares for when you are not here to guide and protect your children. Effective estate planning often involves numerous elements that an experienced estate attorney can assist with, including:
- Writing or revising a last will and testament
- Establishing trusts to protect and preserve assets
- Estate, gift, and income tax planning
- Life insurance planning
- Business succession planning
- Advance medical directives
- Powers of attorney
An estate planning attorney can help you identify key issues to protect your children’s future:
Who Will Care For Minor Children?Estate planning is planning for the unexpected. No one likes to think of their own death, particularly a young father raising his family. A will or trust provides a dad with security and peace of mind, knowing his wishes and goals for his children’s future will be made known to his beneficiaries, family, and legal representatives.
Guardianship In Case of Death or Incapacity. One foundation of fatherhood is protecting your children and preparing them for the unexpected. If something happens to a dad and their mother is not able to care for them if there is no will or other legal document that states his child custody wishes the courts will decide who takes custody. If a father is temporarily incapacitated or unavailable due to illness, or another reason, a well-thought-out estate plan provides someone, of the parent’s choosing, the legal authority to care for and make decisions for their child.
Protect Financial Assets. In the event of your death, your children’s financial security needs to be protected. Your estate plan should identify who will manage any financial or other assets your children will inherit. This could include retirement accounts, insurance policies, social security benefits, and other sources of income and financial support.
Sommers Law Group wishes you a safe and happy Father’s Day!