Sunday, June 21 is Father’s Day, a celebration on the 3rd Sunday of June that honors fatherhood and paternal bonds, and the influence of fathers in society. Children young and old make an effort to spend the day with their dad or make long-distance calls and video calls, send loving cards and shower their fathers with traditional gifts such ties, coffee mugs, books and tools.
A good father’s primary goal is to love and protect his children. There is no greater gift a father can give his children than to guide and protect their future and provide them with peace of mind after his death.
Creating an estate plan is preparing for a future where you are not here to guide and protect your children. Effective estate planning often involves numerous elements that an experienced estate attorney can assist with, including:
An estate planning attorney can help you identify key issues to protect your children’s future:
1. Who Will Care For Minor Children
Estate planning is planning for the unexpected. No one likes to think of their own death, particularly a young father raising his family. A will or trust provides a dad with security and peace of mind, knowing his wishes and goals for his children’s future will be made known to his beneficiaries, family and legal representatives.
2. Guardianship In Case of Death or Incapacitation
The foundation of fatherhood is protecting your children and preparing for them for the unexpected. If something happens to a dad while he is raising minor children and their mother is not able to care for them, if there is no will or other legal document that states his child custody wishes the courts are likely to grant custody to the other parent or a relative. In many cases, parents do not want their children’s closest biological relatives to have custody of the children. Guardianship papers let a custodial parent choose an estate guardian to take custody of the child and provide appropriate care, manage their finances and inherited money or property.
If a father is temporarily incapacitated or unavailable due to illness, extended travel or other reason, a guardianship gives someone the legal authority to care for and make decisions for their child.
3. Protect Financial Assets
In the event of your death, your children’s financial security needs to be protected. Your estate plan should identify who will manage any financial or other assets your children will inherit. This could include retirement accounts, insurance policies, social security benefits and other sources of income and financial support.
Fathers guide and protect their children, today and in the future. This Father’s Day, prepare for your children’s future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.