Why You Need an Estate Plan if You Have Children

Wednesday, September 10th, 2014

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Why having an Estate Plan is necessary if you have children

When you have children, having an Estate Plan is a necessary tool to protect them. Homer hated his wife’s sisters. And they probably hated him, too. Homer and his wife had three young children at the time when Homer was killed in a terrible accident. Although his wife lived, she was seriously injured and suffered from deep depression for over a year. She became incapable of caring for her children. The court found the wife’s sisters were willing and capable to be guardians; eventually one of the wife’s sisters ended up with permanent legal custody of the children, something Homer never would have agreed to had he been alive to ask.If Homer and his wife had made an estate plan, they could have selected another family member or a trusted friend to care for their children.None of us like to think about our death, but if we don’t make our own plans, the courts will make them for us.

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