A well-crafted estate plan is one of the best tools you can use to ensure that the needs of your children are taken care of if you unexpectedly pass away. During the estate planning process, here are five things you should keep in mind:
- Consider Including a Guardian- A guardian is someone who will gain custody of your children and make sure they are taken care of. If you choose to select a guardian, pick someone who you know will be able and willing to provide adequate care for your children.
- Think About Your Children’s Financial Needs– During the estate planning process, it is crucial that you consider what your children’s financial needs will be for living expenses, medical care, and education. Placing these funds in a trust is a good way to ensure that they are not placed in an account that will be controlled by the court.
- Review Beneficiary Designations– On your retirement and life insurance policies and any other accounts you may have, make sure your partner and your children are listed as designated beneficiaries.
- Maintain a List of Assets– Regularly update a master list of assets that includes what you own, what you owe, and any digital assets you want included in your estate.
- Review Your Estate Plan Regularly- If a new member is added to your family, your net worth changes significantly, or you no longer feel like a person named in your estate planning documents is the right choice for the role you previously designated for him or her, you may want to consider revising these documents with our assistance.
Contact us at NorthPointe Law Group when you need assistance with estate planning. We will give you the information you need and peace of mind.