Will based estate plans for young families
When you have young children it is important to make sure they are taken care of in the event of your death or incapacity. It is particularly important to plan for the unexpected situation where both parents die or are incapacitated. However most young families, especially those with modest assets, fail to properly plan for the unexpected, leaving the court to decide who will take care of their children. Oftentimes preference is given to a surviving parent and then other family members, someone who for a variety of reasons would have been your last choice. In some circumstances grandparents and other relatives may feud over who should be appointed guardian. Even if you have already told a close friend or family member that you want them to become the guardian of your children in the event of your death or incapacity, it will not be enough to ensure your choice of guardian will be honored.
With a Will Based Estate Plan you can nominate a guardian and alternated guardians for your children in the event of your incapacity or death. There are two types of guardianships, one of the person and one of the estate. You can nominate the same or different guardians for each. In other words you decide who will take care of your children and who will control their assets including any you leave to them in your Will.
If you become incapacitated, a Will Based Estate Plan also allows you to choose an agent to make health care decisions for you in accordance with your desires and another to manage your finances.
Will Based Estate Plans are best suited for those with a modest assets. Contact us today to schedule your free consultation and to find out whether a Will based or Trust based Estate Plan is the right plan for you.
Priscilla A. Madrid, founder of Madrid Law Group is an Elder Law, Estate Planning, Probate and Litigation Attorney with over 23 years of experience and a Legal Masters Degree (LLM) in Estate Planning and Elder Law. Madrid Law Group is located in Anaheim Hills, California and serves clients in Anaheim, Yorba Linda, Tustin, Placentia, Villa Park and the surrounding Orange County areas.