Having recently been married, it has caused me to take a closer look at my estate plan. In fact, I have recently received an influx of inquiries about estate planning by many people who are newly married, are advancing in their careers and/or have recently had children.
The number one concern among younger families with children are guardianship provisions for their minor children and making sure that they are financially secure until they reach the age of majority. Creating clear language in your Last Will and Testament that specifically addresses who will be the custodial guardians of your minor children and setting up testamentary trusts to provide for the welfare of your children is the best way to ensure that they are provided for and do not become wards of the state, or worse, create ugly custody battles among surviving family members.
These methods are relatively straightforward and inexpensive methods that can be prepared by an attorney when drafting or updating your will. It is important to have a thorough conversation with your spouse prior to meeting with the attorney so that everyone is on the same page and in agreement with your plan to care for your children in the event of a catastrophic incident.
If you need to prepare a will with guardianship and trust provisions for your minor children, please call today to help you navigate this complex issue.
Dennis J. DiSabato, Jr.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579