What Parents of Minors Need to Know About Creating an Estate Plan

Every good parent knows that there is nothing more important than being there for your children. Your children need you, and you need them. Unfortunately, we never know what life is going to throw at us, and sometimes, an unexpected death occurs. If you pass on and have minor children, you must ensure your estate is taken care of. Not only will this help ensure you maximize the assets your children receive, but it may also save them from the long, complicated probate process. Please read on and reach out to our firm to learn more about how to create an estate plan for your children’s benefit.

How does writing a will benefit my children?

Writing a will is one of the most important things any parent can do for their children. Perhaps the most important aspect of writing a will is the fact that you can appoint guardians for your children, should you and your spouse have an untimely death. When you appoint a guardian, you select the person or people you trust most with raising your child. Though all parents want to be the only ones in charge of raising their child, its better they select a guardian they trust, rather than leaving it up to the courts to decide.

What is a durable power of attorney?

Durable powers of attorney are created to ensure that important life decisions are being made by somebody you trust, should you become incapacitated. There are various types of powers of attorney, all applying to various specific situations. The most common types of DPOA’s relate to health care and finances.

If you become incapacitated and are no longer capable of handling your financial affairs, you may appoint a person you trust to do so for you. Not only will creating a DPOA now help you rest easy knowing your assets will be honestly and properly handled when necessary, but it will also help ensure your children receive all assets of which they are entitled.

You may also create a DPOA for health care. This means that if you become incapacitated and cannot make important medical decisions for yourself, you will have already appointed a trusted individual to act as you would. For example, if you are against a certain type of treatment, you can appoint your spouse or another trusted person to ensure you do not receive the treatment in question.

Our firm is here to help you with all your estate planning needs.

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.