Estate planning needs for families with children

9/30/2016 | Kaplin Stewart Blog

For Pennsylvania parents, few things are more important than providing for the needs of their children. From the time a new baby is welcomed into the family until long after he or she graduates from high school, parents focus on ensuring that their kids have everything they need to thrive. In terms of estate planning, parents can take steps to care for their children even in the event of a sudden and tragic loss.

One of the most important components of estate planning is designating a guardian to step in and provide love and guidance in the absence of one or both parents. When choosing a guardian, parents should take the time to consider all possible candidates. It is equally important to discuss the matter with the individual who is chosen, to ensure that he or she is up for the task.

Parents also need to consider who will handle the financial aspect of things. In some cases, the chosen guardian can also assume responsibility for managing the financial aspects of the estate. In other cases, another individual is better suited for that task. This can be a tricky subject to navigate, but it is important that both roles are filled in the best manner possible.

Pennsylvania families must take these and other related matters into consideration when creating an estate planning package. In most cases, those plans will never need to be called into action. However, in the event of a sudden and untimely loss, having these issues sorted out well in advance can make things far easier for surviving loved ones.

Source: news.morningstar.com, “Get Your Estate Plan in Gear“, Christine Benz, Sept. 23, 2016