Guardianships
As a young family, you’re likely focused on the joys and challenges of raising children, building your careers, and managing daily life. But have you considered how your family would be cared for if the unexpected happened? Estate planning isn’t just for the wealthy or elderly—it’s a critical step for every family with young children.
This month, we’re shedding light on guardianship designations and financial security planning, two essential aspects of estate planning that every young family should address.
Why Guardianship Designations Matter
Choosing a guardian for your children is one of the most important decisions you can make. Without a legal designation, the court will decide who will care for your children if you’re unable to do so—a process that may not align with your wishes.
What You Should Do:
Select a Guardian
Choose someone who shares your values and parenting philosophy.
Ensure they are willing and able to take on the responsibility.
Document Your Wishes
Include your choice of guardian in your will.
Discuss your decision with the guardian and your family to avoid confusion later.
Name a Backup Guardian
It’s wise to have an alternate in case your primary choice is unable to serve.
Financial Security Planning
Estate planning is about more than guardianship—it’s also about ensuring your children’s financial future.
Key Steps to Take:
Set Up a Trust
A revocable living trust can hold assets for your children until they reach an age you deem appropriate. This prevents lump-sum inheritances that may be challenging for a young adult to manage.
Life Insurance
Adequate life insurance ensures your family will have financial support for living expenses, education, and other needs.
Beneficiary Designations
Keep your beneficiary designations up to date on retirement accounts, insurance policies, and other assets.
Appoint a Financial Guardian
Name someone to manage your children’s inheritance until they are old enough to handle it themselves.
Start Planning Today
Taking these steps now can bring peace of mind, knowing your children will be cared for both emotionally and financially. Estate planning is an act of love and responsibility, and it doesn’t have to be overwhelming.
At Michelle Goff Law Group, we specialize in creating customized estate plans tailored to the unique needs of young families. Whether you need to name a guardian, establish a trust, or review your life insurance, we’re here to help.
Schedule a Free Consultation
Let’s work together to secure your family’s future.
Click here to schedule your free consultation.
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Michelle handles California clients
Sarah handles Colorado clients
Jessica handles Florida clients
Victoria handles California clients but you have to email her for an appointment at this time judgevwood@gmail.com
Wishing you and your family a future filled with security and joy,
Michelle, Sarah, Jessica and Victoria
Michelle Goff Law
Safeguarding your family throughout California, Colorado, DC and Florida
Call 719-424-3321 to schedule a chat with one of us!