You’ve probably heard that it’s a good idea to prepare an estate plan as part of good parenting. You may be wondering just how it can help you to safeguard your children’s future before you proceed to get one. If that’s the case, read on to see five ways in which having an estate plan is going to help your children succeed.
1. You Can Safeguard Their Future
The first and most important thing about having an estate plan is that it helps you to safeguard the future of your loved ones. This is because when you prepare an estate plan, you’ll outline the details of how your children’s future can be secured. This could help you avoid issues such as failure to pay tuition for school. Your estate may allow them to be enrolled in a private school, where the counselors say that they spend roughly 55% of their time on counseling that’s college-related. Counselors in public schools spend a mere 22% of their time on counseling related to college.
2. You’ll Leave Them Money for Upkeep
With an estate plan, you’ll leave your children enough money for their basic needs. When your children don’t have to struggle just to get by, you can be sure that they’ll have an easier time succeeding in their lives. With good health, both physically and mentally, you’ll have set your children up for success when you leave them money for their upkeep in your estate plan. Keep in mind that 77% of adults in America believe that estate planning is an important thing for everyone to do, despite how much wealth they have.
3. They Won’t Suffer If You Need Medical Assistance
A lot of unexpected things happen, and chief among these are accidents and health issues. These may leave you in a state in which you can’t take care of yourself but you need someone to look after you. In this case, you’ll have helped them have an easier time because you’ll have picked someone to carry out your health and medical wishes. You should also have the money for this and it will be less stressful for your children when all’s said and done.
4. You Can Plan for Businesses You Have
If you have businesses, you need to do what you can to make sure that it’s secured. One way to secure it is to outline your wishes regarding its management on an estate plan. Assign an executor for your estate plan who you’re sure has a high level of integrity. They should be able to uphold your wishes and keep your business running as you would do yourself. The importance of having a living trust or will isn’t taken lightly, with 56% or over one in every two Americans in 2022 saying that it’s either very important or somewhat important.
5. They Don’t Have to Go Through Probate
Last but not least, your children won’t have to go through probate in case something happens to you. If they’re not at the mercy of the courts, they don’t need to get stressed waiting for the court process to take its due course. This means that they don’t have to change their lifestyle as they wait for the decision that the courts will make as far as your estate goes. This means that they won’t put things such as schooling on hold or need to move houses to a different and unfamiliar place. This could throw off their balance and leave them trying to get their lives back on course for a while.
Clearly, you can give your children the chance to succeed by preparing an estate plan. They’ll grow to be thankful and might see the benefits of doing the same thing. This way, they can secure their own children’s future when the time comes for them to do so and win at parenting.
