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What Should I Do to Create an Estate Plan if I Have Young Children?

As a parent, there are few things more frightening than not being able to raise your own children. Unfortunately, sometimes, parents have no choice. If the last living parent suffers an untimely death, their children are left to go through life on their own. While no parent ever wants to think about such a thing happening, the unfortunate reality is that it does happen. However, there are things you can do to mitigate the impact of such a death.

One of the most important things any parent can do for their children is creating an estate plan that establishes various financial and other terms for how their affairs should be conducted. Creating an estate plan before an untimely death can help ease the transition for your children, as major decisions are already made and carried out, leaving your children the time they need to process, grieve, and rebound with the help and support of a loving family. If you are interested in creating an estate plan, please read on and reach out to our experienced firm to learn more about how we can help. Here are some of the questions you may have regarding creating an effective estate plan:

How Can Writing a Will Help My Children?

While of course wills are a fantastic way to document and distribute your assets after passing, perhaps the most important aspect of a will for parents is appointing potential guardians for their children. Though it can seem very difficult to choose anyone other than you or your spouse to raise your children, it’s best you make a decision now, rather than let the courts decide who will raise your child.

What Are Durable Powers of Attorney?

These are extremely useful tools when it comes to choosing who will make certain decisions for you and handle certain affairs, should you ever become incapacitated and unable to do so on your own. For example, health care DPOA’s allow you to appoint a trusted individual to make certain key medical decisions on your behalf. Additionally, DPOA’s for finances can grant trusted individuals access to your personal finances, allowing them to handle your finances if you are no longer able to do so yourself. Having a trusted person in charge of your assets will benefit your children, in that you can trust all assets will eventually be distributed to them once they are of age. To create an estate plan for young children, reach out to our firm so we can help you and your children sleep soundly at night by preparing for the worst.

Contact Our Experienced New Jersey Firm

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.