A common misconception concerning estate planning is that it is an exercise that only makes sense for older and financially established individuals.
A young married couple just embarking on careers might understandably have that view, thinking that executing a will and other planning documents is both untimely and unnecessary.
After all, they have little in the way of assets to pass along.
Planning experts and commentators routinely note, though, that sound and tailored estate planning is often about much more than mere asset transfers.
What if that above-cited couple has children, for example?
That changes the equation in an instant, doesn’t it? What if something adverse happens to mom and dad? Who will ensure that their minor children – the most precious assets of all – are protected and prepared for the future?
That scenario spotlights estate planning for far more than the stereotypical “senior couple with money” demographic. In fact, it flatly underscores the critical importance of timely planning for all young parents with children.
Guardianship selection is central to that. A court in some instances makes that determination. Logically, most parents would prefer to make the choice themselves, as well as carefully outline the process and their wishes well before – if ever – the need arises for a guardian to step in.
Guardian selection can be one of the most impactful decisions that loving parents ever make. An individual in that role has responsibilities and the final say in matters that are vitally important to children. Those range from determinations relevant to everything from education and health care to financial support and overall well-being.
A proven legal team can provide key input into the guardianship role and process, offering compassionate and on-point guidance that seeks to fully promote the best interests of the children.