Estate Planning Considerations For Parents Of Dependent Children
If you have minor or otherwise dependent children, it is important to make sure that you have a comprehensive estate plan in place. It is also important to make sure that your estate plan is up to date at all times. Failure to make necessary changes to an existing estate plan can leave your loved ones—and the courts—unsure of what your true wishes may be in the event of your death or incapacitation. Similarly, if you do not have a legally enforceable estate plan in place at all times, you will leave your children vulnerable to the processes imposed by the state in such situations.
You need to make sure that your wishes are articulated in ways best described as “crystal clear” and to make sure that your estate planning documentation reflects shifts in these wishes or circumstances as time ticks by. The experienced Memphis, TN estate planning lawyer team at Patterson Bray PLLC can help you to achieve and maintain these critical objectives.
Estate Planning Lawyer – Memphis, TN
Not so long ago, most individuals drafted simple wills and then moved on without thinking much about their estate plan ever again. Nowadays, estate plans aren’t really complete without a will and/or trust dealing with a person’s assets, an advance healthcare directive, power of attorney designations, digital estate planning preparations, and (if applicable) guardianship designations for minor or otherwise dependent children. This is the minimum number of tools that tends to “make up” a comprehensive estate plan. If you’re missing any of these resources, your estate plan likely isn’t complete.
Estate Planning Considerations for Parents of Minor or Otherwise Dependent Children
If you become incapacitated or pass away without an estate plan in place, your assets will be distributed and the guardianship of your children will be determined by law, not by you. This is an outcome that must be avoided. If you are reading these words, you are proactive and savvy enough to understand that you need an updated estate plan in place to protect your kids. Don’t wait to act on this understanding. None of us knows how much time we will have before our estate plans become our legacy.
Legal Assistance Is Available
If you either have not yet constructed a legally enforceable estate plan or have not made significant updates to your existing plan since your needs, priorities, preferences, and/or circumstances have changed, it is time to get in touch with the experienced Tennessee legal team at Patterson Bray PLLC. Our dedicated and reputable staff have extensive experience assisting parents with constructing estate plans that meet their needs. Few people enjoy thinking about a time during which they will no longer be in a position to provide for their families. However, thinking about this inevitability is critical to ensuring that your children are properly taken care of after you’re gone. Please connect with our firm today to either begin or continue the process of taking these necessary legal steps forward. We look forward to speaking with you.