Adults should have estate plans in place to make their wishes known if they can't make decisions on their own or if they pass away. Some people think that only older adults need to have an estate plan, but this isn't the case.
One special consideration that some adults have is that they have minor children at home. It is important for parents to create an estate plan that sets up plans for their children if both parents should perish.
You need to plan for what is going to happen with your children if you and your child's other parent die. This means setting up guardianship designations for your children. The guardian who will care for your children should be someone who is able and willing to do the job.
If you have more than one child, you can have a different guardian for each one if this is necessary. While some parents would prefer to keep their children together, this isn't possible. No matter how many guardians you need to name, you should name each child individually.
It is a good idea to include more than one guardian so that if something happens to your primary choice, there is another option to contact. Making these plans now can save your children from having to go to foster care.
You should plan for the financial support for your children. This can be done through payable on death designations on financial accounts, as well as life insurance policies and trusts. Making these decisions based on the needs of your family can help to ensure that they are taken care of.
When you plan for your children, you have to think about ways to ensure that your child's other parent can care for the children if he or she outlives you. It is important to find the balance between what you need to plan for.
You also need to set up powers of attorney designations so that there is someone to make medical and financial decisions for you if you can't make them. Making your funeral plans and other final arrangements can also help those who are left behind. You also need to decide who is going to be the administrator of your estate.
All of this is a lot to think about, so make sure that you take the time to carefully consider each point. Get answers to any questions you have about each of these issues.