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Estate Planing

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Estate Planing

The most difficult part about estate planning is choosing a guardian for your children. Its tough thinking about someone else is raising your kids, especially if both parents do not agree on the matter. However, it’s a decision that has to be made because if you don’t someone else will decide for you and you don’t want that to happen.

Things to consider when choosing a guardian who is best suited to raise your kids.

1. Their Maturity

2. Financial Stability (although you should have insurance)

3. Health

4. Age

5. Religion

6. Marital Status

7. Relationship with our children and theirs

8. Moral Values

9. Where they live

10. Overall parenting

11. Don’t worry about hurting someone feelings

Then discuss your plans with the person(s) you selected to make sure that the person(s) is ok with it and to answer any questions they may have. It would be a good thing to have an alternate incase the person(s) declines to be a potential guardian. Do not be offended, this is a huge responsibility and it should be considered closely by all involved. Also, ensure that you have adequate insurance because raising a child these days is very expensive and you don’t want that burden to fall on someone without proper financial security.

Estate Planning Documents

1. Will

Although all documents are important in estate planning, a will is one of the most widely used. It is simply a set of instructions on how to distribute your assets to your family and charities upon your death. Be aware, however that a will is secondary to any beneficiary designations you have made on investments and retirements funds (401K, IRA’s, etc.)

2.  Living Will

3. Durable Power of Attorney

4. Health Care Power of Attorney

5. Revocable Living Trust

A wise person does at once, what a fool does at last. Both do the same thing; only at different times.–Lord Acton

 

 

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