Being a parent is one of the best and coolest things you get to do! But when you are a parent there are so many things to worry about. When your baby is new and tiny you’re worried about if it’s eating enough or sleeping enough or even pooping enough. You’re worried that it might catch a cold and what even happens to a baby this tiny if it catches a cold?!
And then your baby grows and you’re worried if it’s hitting developmental milestones or making friends or learning on pace or getting good grades.
And no matter their age you’re always worried that they feel loved, cared for, and are happy kids.
Thinking about leaving them before they are grown and settled in their adult lives is so hard to do. It’s important to think about it— but don’t get stuck ruminating or spiraling in anxiety. Think about it and make a plan!
Estate Plans for Parents
We love helping parents put together an estate plan designed to protect their children. Like life insurance, we always hope the plans we make aren’t needed for many decades (and by then you’ll probably need to update them and make changes). Our hope is that by the time you need your estate plan, your kids have grandkids.
But life doesn’t always work that way. So it’s important to make a plan for if the unthinkable happens.
The best estate plans include provisions for the same opportunities for your child as you would have given them if you were still here.
Let’s unpack several of these opportunities.
Education
Most parents have a plan for college for their children. Others thrive in more hands-on trades work. Having a plan to help your child fund their secondary education is one way to leave a loving and hopeful legacy.
You may not be there at graduation, but you still helped pave the way for them to get there!
Cultural Opportunities
Many parents hope and dream for their children to enjoy artistic expression. Be that music lessons, art classes, or travel at home or abroad. If this was something you planned to do with your child while you were living, you can create a path for it within your estate plan.
You can take comfort in the hope that while you might not be able to join them, your child can gaze across the Grand Canyon or other wonders of the world, just like if you’d taken them yourself!
Travel Sports
Exercise and team building is essential to a healthy life. Travel sports are a mix of both. But travel sports don’t pay for themselves. This is another thing you can plan for if it matters to you and your child.
It’s comforting to know that while you might not be in the bleachers when your child scores a goal, they got the opportunity to score it because you had a game plan for if you passed before they grew up.
Business
Many children exhibit an entrepreneurial spirit at a young age. If your child is one of those kids, you can absolutely leave a nest egg for them to start a business one day. Consider yourself a silent partner!
First House
Remember when you bought your first home? The exhilaration of owning something that substantial? Have you always imagined you’d help your child purchase their first home one day?
With good financial planning you can. And if you’ve already passed, you still can! It just takes some good estate planning to go with that good financial planning.
Wedding
I know it is unthinkable to miss your child’s wedding. To miss the dress and tux fittings. To miss the rehearsal dinner. To miss the first dance. You’ve been planning since they laid your baby in your arms to contribute financially to this momentous event. Maybe you have plans to fund the entire wedding.
It is unbearable to imagine that you would miss any milestone in your child’s life— especially the start of their marriage. But while you may not be physically be present, your love can still shower them on that day. Estate planning can make that a reality.
Set Up A Trust
All of these things and more can be accomplished through the use of a Trust. Your Trust agreement tells your trustee exactly what the funds and assets can and cannot be used for.
To learn more about mistakes to avoid when setting up a Trust for your child, click here.
We know this is overwhelming. Which is why we have worked really hard to make this process as simple and painless as possible! Meet with us, tell us what matters to you and how you want to plan to provide for your children, we’ll ask some questions to make sure you didn’t miss anything, then we’ll make your plans a legal reality. After that all you have to do is come in and sign the documents!
Planning a joyful life for your child is one of the gifts of being a parent. Estate planning helps you do that even if you’re not here.
Call us at (404) 736-6066 to schedule a consultation.
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