Planning for the Unthinkable
There’s an old saying in estate planning – “plan for the worst, hope for the best, everything else is wishful thinking”.
Parents of minor children under the age of 18 have to plan for the unthinkable – what if both parents are killed in a car wreck?
It’s important to understand a will has to be probated. Probate is a lawsuit requiring notice to be given to all interested parties. Since a child under the age of 18 is not considered to be able to understand legal or business matters a guardian ad litem will have to be appointed by the probate court to look after the child’s best interests. This can take precious time, reduce the amount of money available to take care of the child, and be emotionally devastating for the child who has lost both parents.
Loving parents want their children to be taken care of no matter what. So, parents of minor children should consider using a living trust in their estate planning. That way, if the unthinkable were to happen, the family plan can be implemented without having to go to court.
At Goldberg & Associates, we specialize in handling elder law and elder law cases. All of our resources are at your fingertips when you work with Goldberg & Associates. We will do everything in our power to ensure the maximum amount that can be saved, will be saved for your retirement. No stone goes unturned at Goldberg & Associates; we are prepared to make sure you do everything you need to in order to max out those savings options, and make way for the time when you will get to retire.