How Do I Get My Kids Started on Their Estate Plan? Part Four

Bottom line, very few people wish to cut their spouse out of a portion of their inheritance even if the money is being shared with their children. Often times with young families there are long-term debts that will need to be paid. If there are children from a prior relationship this problem can be compounded. If there are no children yet, but the parents are living, it is highly doubtful that an adult or their spouse is comfortable with leaving a portion of their inheritance to their parents…no matter how good the relationship is between the parents and the surviving spouse.

Additionally, if your children don’t have an estate plan and they have minor children, there is an even bigger problem. If something happens to the both of them, the kids will not automatically go to either the godparents or grandparents. It is ultimately going to be up to the court to make the decision at that point in time. I don’t know many people who would be okay with a complete stranger making this decision on their behalf. Simple planning can avoid this kind of problem.

The biggest reason why estate plans don’t get done besides lack of knowledge is procrastination. Hopefully, you will be able to use some of this information to motivate your children or other loved ones to get started with their planning.

Do you, or someone you love, need to get an Estate Plan started? Reach out to us for help at (203) 651-5521 or use our online contact form HERE.

Categories: Estate Planning, Probate, Wills