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Estate Planning is Especially Important for Parents

Posted on in Beneficiaries

Unexpected accidents and deaths happen all too frequently. While it may seem morbid to plan for death while there's no apparent reason, doing so can help to save your family from headaches and money-aches later on. It doesn't matter your financial status—estate planning isn't just for the wealthy. An estate refers to all the property that a person, or couple, owns. This includes, but is not limited to: property, cars, businesses and stock holdings, and insurance contracts and pension benefits. If you have a claim pending against someone, such as a worker's compensation claim or a claim against a negligent driver in a car accident, that also counts as part of your estate.

The most important thing to remember about estate planning is that it can't be done after your death, or after you're impaired with some other disability affecting your capacity to wade through legal documents. The importance of having an estate plan if you have children can't be stressed enough. According to the Northwest Indiana Times, "when planning for a new child, a will is one of those things that is often overlooked." A will can sometimes make a great baby shower gift if the parents haven't yet considered executing a will.

With a will, or an estate plan, your children are much more likely to be taken care of after your death. This includes not only having access to your savings and any property that you own, but also that, in the even that you die while your child is a minor, his or her care will be addressed and determined by you.

Don't wait until it's too late. If you don't have an estate plan, it's imperative to contact an experienced Illinois estate planning attorney today.

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