Many in Michigan think of estate planning as something that happens only after one’s family is grown and retirement is near. However, nothing could be further from the truth. Estate planning is essential for every stage of adult life. Parents may be especially interested in how an estate plan can benefit them and their children.
While one certainly cannot overlook the importance of preparing well for a secure and comfortable retirement, having an estate plan as parents of a young family can be critical. No one likes to think of the possibility that something tragic may happen to leave one’s children without their parents, but the fact is that life is unpredictable. Having a plan in place for such a contingency may spare one’s children needless struggle and confusion at an already difficult time.
In addition to having adequate life insurance to provide for the future of their children, parents should be diligent about having a thorough and updated will. A will can name a responsible guardian for the children and dictate who will control the assets they leave behind. Without these basics in place, parents may unknowingly leave their children in the hands of the court to determine who will raise and care for them.
Each family situation is unique, which is why it is not wise to use a generic, online or do-it-yourself will. A skilled attorney can guide parents through the steps of creating complete and solid estate planning documents. As difficult as it may be to consider the need for an estate plan, many parents find tremendous peace of mind in having one in place.