Juggling family life, work, bills, and the kids’ schoolwork leaves no time to worry about your future. However, estate planning is vital. Many people push it to the back burner when life becomes too complicated or because they feel too young to think about it.
Remember that finding the time to make these significant financial decisions will secure your family’s future.
Why You Should Consider Estate Planning During Back-to-School Time
Every August, parents spend weeks frantically attending orientations, teacher meet-and-greets, and school tours. As a parent, your to-do list consists of buying your kids all new supplies, like books, binders, backpacks, and lunch boxes. While this time can feel overwhelming, it’s an important reminder that your kids are your everything. You spend time and money on them each year to keep them safe, educated, and healthy—so don’t you want that to remain in the case of your untimely death?
Aligning your estate planning with your kids’ back-to-school phase is an excellent routine to ensure that you never forget to update estate planning documents and medical decisions. Your assets, wealth, family, and needs change each year, so annually revising this information will secure your wishes at all times.
Estate Planning Considerations in North Carolina
Creating an entire estate plan can feel overwhelming, but we will be there to help you step by step.
For your kids, you should plan the following:
- Beneficiaries: Naming your children as beneficiaries appropriately in your trust or will ensures that they receive some or all of your wealth after you pass.
- Bequests: Bequests allow you to designate specific items for each child. For example, you might want to pass down your grandmother’s pearl necklace to your daughter.
- Guardianship: If you or your spouse die or become incapacitated before your children turn 18, you must decide who will care for your minor children. If you don’t appoint a guardian, the court will choose someone on your behalf.
- Education: Aside from physical assets, do you want to set up any funds, accounts, or trusts for your children’s educational needs?
You should make the following plans for yourself:
- Advanced Directives and Living Will: Dictate your medical preferences if you become incapacitated and end-of-life wishes.
- Powers of Attorney: Select someone to make financial, legal, and medical decisions on your behalf if you become incapacitated.
- Will or Trust: Create a will and/or trust to allocate your assets and wealth.
Planning Your Future With Salines Mondello Law Firm, PC
Estate planning might seem overwhelming, but with an experienced estate planning attorney, you can leave the stress to your lawyer. At Salines-Mondello Law Firm, PC, we want to make planning your future a breeze. Call us at 910-777-5734 to begin setting up your back-to-school estate planning basics with our professional team today!