Life with young children is BUSY! Whether you are changing diapers and dealing with middle of the night feedings, chasing toddlers, shuffling everyone to school and extracurricular activities — like a never paid Uber driver — or helping with homework, the life of a parent can be exhausting and exhilarating. But what would happen if something were to happen to YOU?
It’s a thought we all tend to avoid. However, not addressing it could leave your children’s future in limbo, if something were to happen. Knowing the Estate planning basics for young families is crucial to ensure your children are cared for, even if you’re no longer around to make decisions.
So how do you prepare? What does that even look like?
Why Estate Planning is Crucial for Young Families in Oklahoma
The best way to prepare for the unexpected is to establish an Estate Plan. This collection of documents outlines your wishes regarding your assets, healthcare, and — most importantly— your children’s future.
For young families, it’s about more than having a will; it’s about ensuring your children are taken care of by someone you trust, and ensuring their needs are met.
Through a comprehensive estate plan, you can choose a guardian and even set up trusts for their education or care.
“It is important for people to understand that their children do not have to inherit everything at 18,” said Roberto Seda, with Seda Law Firm, in Oklahoma City. “You can delay the timing of their inheritance so that they have matured and lived life a little. There are lots of options to ensure they have what they need from the trust, without receiving a large inheritance at a young age.”
Contrary to popular belief, estate planning is not just for the elderly or wealthy. Some might argue that it’s even more important for parents of minor children. Having a plan ensures your family’s future is in your hands — not the court’s.
Without a plan, your child’s guardianship and future could be decided by the court system, leaving you with no say.
How To Get Started With Estate Planning in Oklahoma
Working with an experienced estate planning attorney is important. They will ensure that you have all the necessary documents. They will also be able to answer any questions you may have.
When meeting with an attorney, you will want to have a list of your assets (homes, cars, bank accounts, etc.) and liabilities (loans, credit card debts). This will help in creating a clear picture of your estate and ensure nothing is overlooked.
One of the most important decisions you’ll make is selecting a guardian for your children. Think carefully about who you trust to raise your kids if something were to happen to you.
“When choosing a guardian, you want to identify a person that has similar values,” said Seda. “You want someone who will honor your wishes, even if you are gone,” said Seda.
It’s also a good idea to choose a secondary guardian, in case your first choice is unable to take on the role.
By preparing these details in advance, you’ll be in a stronger position to create a comprehensive plan that provides for your family’s future and ensures your wishes are carried out.
Peace of Mind Through Estate Planning
Estate planning removes the uncertainty and legal complexities that could arise if you don’t plan ahead. It helps you feel confident that your family’s future is secure, allowing you to focus on the present — removing the lingering fears of “What If…”
Creating an estate plan can help you to focus on the present, taking away the “What If” fears that may otherwise linger.
Ready to take the first step toward that peace of mind? Start your estate planning journey today! Give Seda Law Firm a call at 405-759-0678 and ensure your family’s future is secure, no matter what the future holds.