For parents, estate planning can be critical

For parents, estate planning can be critical

| Aug 16, 2018 | Estate Planning |

Estate planning can be particularly important for parents in Ohio. When people have children, they may be more inspired than ever to deal with thinking about the future and making important decisions about how their children will be supported in case of the death or incapacity of the parents. In addition to the peace of mind that parents may feel, estate planning carries strong practical benefits as well, especially for future beneficiaries. People can reduce or eliminate probate fees and delays and lessen the estate tax burden borne by their children in the future.

While many may be concerned about cost, estate planning is more accessible than some realize. Depending on the size and scope of the estate, making out key documents like wills and powers of attorney can be highly affordable, and the existence of a plan can save a significant amount of money in the long term. For parents, this is especially important. A will can lay out plans for guardianship of the kids in case of the death of both parents in order to provide guidance to the court. In addition, trusts can be created in order to transfer wealth to minor children over the years.

Parents may also want to consider additional documents that can help to protect their children in case their parents die suddenly or unexpectedly. One type of document can make clear information about emergency contacts, funds for the children and short-term guardianship plans. This can help to avoid the child entering temporary state custody and prevent additional trauma.

When people become parents, they may have many more things to consider, and planning for the future can be one of those newly critical priorities. An estate planning lawyer can help people to create the key documents that can provide them with peace of mind and their beneficiaries with security.