Last Updated on April 19, 2017
Whether you’ve recently become a parent or are raising three children, you want to give them everything. You need to know your little ones will be taken care of at all times and all costs. But what if something devastating were to happen to you? No parent wants to think about not being there to see their children through their lives. Having certain documents in order can help ease the pain and worry. Every parent should speak with an attorney about getting these five documents in order.
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Trust Fund
A trust fund is similar to a bank account set up in your child’s name. You will be able to appoint a person to utilize the funds to care for your children in the event of your death. The full amount of the trust fund will not be available until your child turns 18.
Will
The law professionals recommend getting the will in order above everything else. They say creating a will is extremely important. This piece of paper tells others how you want your property and assets divided. It ensure everything you’ve worked hard for is going to be passed down to your children. This means property and family heirlooms stay in the family instead of being donated or placed in an estate sale.
Guardianship
In the event of your death, you may be wondering who will take care of your children? Although it’s tough to think about, you don’t want them to wind up going into state care, if possible. Relatives and family friends may be some of your first choices. Once you’ve decided who you wish to entrust your children to, it’s important to fill out guardianship paperwork. This allows you to assign people to temporarily or permanently care for your children.
Financial Durable Power of Attorney
This document appoints someone to manage your funds if you become incapacitated. It may include duties such as paying bills, your mortgage and filing your taxes. This will safeguard your assets and prevent your money from being spent recklessly. Your children will benefit by being left with a larger nest egg.
When drawing up these papers make sure you talk to the individual you plan to give power of attorney too. That they understand the assets that you control and know how you want them invested or maintained. Communication beforehand is a big aspect for this legal document. And as your assets change, be sure to update your paperwork and wishes.
Health Care Directive
Your children depend on you to keep them safe and make decisions for them. If you were to become incapacitated, it is wise to have a friend or family member make decisions regarding your medical care if you are unable to do so.
If the unthinkable were to happen, it’s best to be prepared. By being aware of what paperwork is necessary in the case of an emergency you can be assured that all your important loved ones will be taken care of. Having children is a huge responsibility and being prepared for any situation is a part of the job.
