Adult Education/Parenting
Every Parent’s Guide to Legal Planning: Simple Steps to Peace of Mind
Tuesday, February 07, 2012
By David Feakes of Feakes Associates
Strapping your screaming kid into a car seat, cajoling your frightened toddler into holding still for the vax shot, listening to your sweet baby wail as you leave her for the first time in the care of someone else…
These are the not-so-fun parts of parenthood. Yet, we do them, even though it’s hard, because we want our children to be safe, secure, and well cared for, no matter what.
And that’s why you must also invest your resources in ensuring your children would be cared for as well, in the event you cannot be there to care for them.
Many parents initially react to this idea by thinking…“I don’t want to talk about dying or getting sick!” Of course, none of us do.
But, the harsh reality is that some of us will not be there to raise our kids all the way through to adulthood and we need to prepare for that possibility to do the right thing by our children.
It’s our responsibility to provide for our children, under all circumstances. An estate plan prepared with awareness of the special issues parents need to focus on will help you do just that. It will also bring you the peace of mind that comes along with knowing that your kids will be taken care of by the people you want, in the way you want, no matter what happens.
The truth is that a whopping 69% of parents do not have any safeguards in place for their kids.
That was the case for M and C Barbera, a young couple with three children from San Diego. They were on a road trip through Arizona when a car accident left their boys parentless. Because M and C hadn’t legally documented their wishes, it would be left up to a Court to decide who would care for their kids.
Seven lawyers, 18 months, ten (if not hundreds) of thousands of dollars and one big family fight later, the boys are being raised by an Aunt. All the family fighting, unnecessary costs, and time in Court could have been avoided if M and C had just given a little attention to documenting what they wanted to happen.
Of those parents that do take the time to plan, most have made at least one of the six common mistakes that could leave those protections ineffective, even when their legal documents were prepared by a lawyer.
Unfortunately, few lawyers know how to plan the right way - from a parent’s perspective. Surprising, but true. That means if you have planned already, it’s likely you are walking around with a false sense of security. And if you haven’t planned at all … well, that means the state will plan for you – and it’s a plan you and your family won’t like at all.
To ensure that your planning is done right, call our office for a Family Wealth Planning Session. We’ll walk you through what would happen under your current plan (or lack of plan) so you can make informed choices about what to do next.
… and stay tuned for next month’s article on the 6 common mistakes parents make when naming guardians, and how to fix them if you’ve made them.
Feakes Associates
179 Great Road
Acton, MA 01720
978.263.6900
Strapping your screaming kid into a car seat, cajoling your frightened toddler into holding still for the vax shot, listening to your sweet baby wail as you leave her for the first time in the care of someone else…
These are the not-so-fun parts of parenthood. Yet, we do them, even though it’s hard, because we want our children to be safe, secure, and well cared for, no matter what.
And that’s why you must also invest your resources in ensuring your children would be cared for as well, in the event you cannot be there to care for them.
Many parents initially react to this idea by thinking…“I don’t want to talk about dying or getting sick!” Of course, none of us do.
But, the harsh reality is that some of us will not be there to raise our kids all the way through to adulthood and we need to prepare for that possibility to do the right thing by our children.
It’s our responsibility to provide for our children, under all circumstances. An estate plan prepared with awareness of the special issues parents need to focus on will help you do just that. It will also bring you the peace of mind that comes along with knowing that your kids will be taken care of by the people you want, in the way you want, no matter what happens.
The truth is that a whopping 69% of parents do not have any safeguards in place for their kids.
That was the case for M and C Barbera, a young couple with three children from San Diego. They were on a road trip through Arizona when a car accident left their boys parentless. Because M and C hadn’t legally documented their wishes, it would be left up to a Court to decide who would care for their kids.
Seven lawyers, 18 months, ten (if not hundreds) of thousands of dollars and one big family fight later, the boys are being raised by an Aunt. All the family fighting, unnecessary costs, and time in Court could have been avoided if M and C had just given a little attention to documenting what they wanted to happen.
Of those parents that do take the time to plan, most have made at least one of the six common mistakes that could leave those protections ineffective, even when their legal documents were prepared by a lawyer.
Unfortunately, few lawyers know how to plan the right way - from a parent’s perspective. Surprising, but true. That means if you have planned already, it’s likely you are walking around with a false sense of security. And if you haven’t planned at all … well, that means the state will plan for you – and it’s a plan you and your family won’t like at all.
To ensure that your planning is done right, call our office for a Family Wealth Planning Session. We’ll walk you through what would happen under your current plan (or lack of plan) so you can make informed choices about what to do next.
… and stay tuned for next month’s article on the 6 common mistakes parents make when naming guardians, and how to fix them if you’ve made them.
Feakes Associates
179 Great Road
Acton, MA 01720
978.263.6900
