Westport estate planning lawyers at Nirenstein, Horowitz & Associates can provide invaluable help to people in all different life circumstances who want to make sure their families are provided for and cared for if tragedy should happen. Everyone should create a plan to provide for heirs or beneficiaries in an appropriate way in case of an untimely death. However, this can be especially important for parents of minor children.
As a parent, you do not want to think about anything happening to you that will leave you unable to raise your child. Still it is important that you make plans in case the worst occurs because you do not want your children to be left in a worse situation than necessary if you become unable to care for them. If you have careful and detailed plans in place, you can leave your children with financial security and can make certain that trusted and responsible people are able to seamlessly assume responsibility for their care. To find out more about how our firm can assist you with making plans so your children are cared for appropriately if you can’t be there to provide for them, give us a call today.
How Westport Estate Planning Lawyers Can Help Parents
Westport estate planning lawyers can provide help to parents in taking the necessary steps to ensure that their children will be provided for even if something should happen to both parents that leaves the parents unable to raise their kids to adulthood. Some of the different steps that Nirenstein, Horowitz & Associates can help with include the following:
- Naming a guardian for your children: Someone will need to raise your children if you are not able to do so as a result of incapacity or because of your untimely death. If you want to ensure you select a trusted, caring, responsible person who will raise your kids with the values you hope to impart, you should choose a guardian yourself rather than leaving the courts to appoint a guardian. You can also help to ensure your children do not become the subject of a custody fight after you pass away or become incapacitated by naming who their guardian should be.
- Purchasing life insurance: Many parents want to ensure their children are able to receive financial support even when parents cannot be there to provide it. If you do not have enough assets to provide for the costs of your child’s upbringing and pay for your child’s education if something should happen to you, you may wish to purchase a life insurance policy. Nirenstein, Horowitz & Associates can help you to determine the amount of coverage to purchase and can provide advice on whether you should make your children the direct beneficiaries of the policy or should create a trust.
- Determining the best way for your children to inherit: You likely will want your children to inherit most or all of your assets. However, since kids cannot manage an inheritance directly, it is important to have a plan for how they’ll inherit. If you don’t use appropriate legal tools such as trusts or transfer assets under the Uniform Transfers to Minors Act while designating a guardian for the money, the court may need to appoint a guardian and your children could inherit with no strings attached when they turn 18.
There may also be other things that you need to do specific to your circumstances and family situation. That’s the benefit of getting personalized legal advice — you can make sure the right steps are taken to address your children’s needs.
Getting Help from Westport Estate Planning Lawyers
Westport estate planning lawyers at Nirenstein, Horowitz & Associates can provide personalized assistance and advice with all of the estate planning issues that affect individuals and families. Whether you want to make sure your minor children are cared for, have a disabled child, have heirs or beneficiaries who are irresponsible with money or simply want to ensure that your assets are able to pass as quickly as possible onto your loved ones after your death, our compassionate and knowledgeable legal team can help you to find the right legal tools to accomplish your goals.
To find out more about how Nirenstein, Horowitz & Associates can help you to make an effective estate plan that best provides for the people you love, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online today to get personalized advice specific to your situation.
- What Is a Stepped-Up Basis? - August 16, 2022
- Five Ways You Can Unintentionally Unravel Your Estate Plan - July 28, 2022
- What Is Estate Planning? - July 12, 2022