If you’re like me, taking care of your family is important to you and that makes family estate planning a priority. And, if you have young children and you haven’t yet made plans for them … there is no time like the present. You don’t know what tomorrow holds.
I’d like you to know some basics about family estate planning here in Cincinnati, Ohio so you can understand the consequences of NOT planning ahead for your kids. Worst case scenario is that you die unexpectedly and you didn’t appoint a guardian for your children. If you’re married and your spouse survives you – no problem. However, there are situations where things aren’t so cut and dry. Examples would be … you are single or divorced and there is no surviving spouse. Or maybe you have full custody and the remaining parent is incarcerated, addicted to drugs or alcohol, or otherwise unsuitable to care for your children – what then? I could go on but, instead of detailing the “what if’s” why not plan for the worst by legally naming a guardian who can provide for your kids and manage assets you leave to them? If you don’t take that step, the courts will step in and their decision might not be what you would have wanted. (If you visit my website https://davidlefton.com/estate-planning-for-all-stages/planning-with-minor-children/ you’ll see I also recommend appointing a backup guardian in the event your first choice is unable or unwilling to accept that role.)
Most people, when thinking about this topic consider family estate planning from the perspective of “if I die, what happens to my kids?” however, your plans can also cover other situations – such as if you are incapacitated from an accident. Again, if you are single or divorced without a spouse to step in to care for your children – what happens then? Who will care for them? Maybe a grandparent or aunt? That’s all good except, and I know this is highly unlikely to happen, what if while you’re incapacitated your child falls ill or is in an accident? Things would get very sticky at the hospital if you haven’t appointed a legal guardian to step in on your behalf. Healthcare providers are becoming increasingly strict about privacy laws. There have been instances where hospitals have not permitted a wife to make healthcare decisions for an incapacitated husband because the proper legal documents granting that permission were not in place. So will the hospital let your sister make decisions regarding your injured child’s medical care without the appropriate legal documents? Maybe. Maybe not.
Family estate planning in Cincinnati, Ohio isn’t complicated when you are helped by an experienced estate planning attorney like myself. We can set up all the proper legal documents to cover virtually every possible scenario so you have peace of mind that you’ve done everything you can to protect your family and your hard- earned assets. Please do not hesitate to call me at 513-399-7526 to schedule a consultation.