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WORDS BY NICOLE SIPE
Estate Planning for Parents Creating an end-of-life plan doesn’t have to be costly, difficult or morbid Charleston says that estate planning doesn’t have to be difficult, expensive or hard to discuss. In fact, the preparations you make now will save your family money, time and heartache down the road.
What would happen to your children if something were to happen to you? It’s one of those questions that no one likes to think about, but it’s something that every parent must address at some point. However, research shows that lots of parents have put off making end-oflife plans. According to a 2017 survey by Caring. com, only 36 percent of parents with children under the age of 18 have an estate plan in place, such as a will or living trust.
“Estate planning is a gift to your loved ones,” Charleston says. “When you have a well-drafted, comprehensive estate plan in place, you save your loved ones from the headache of probate.” Charleston explains that probate is a court process where a judge looks at a parent’s assets, makes decisions on who gets what and who is in charge, and who gets to raise your children when you can’t. “Probate is costly, timeconsuming and is completely public, leaving your loved ones’ subject to predators,” she says.
“Most people shy away from estate planning because they don’t want to face their own mortality,” says Katie Charleston, attorney and owner of Katie Charleston Law in Carmel. “But what parents must think about is what will happen to their kids if they become incapacitated, or worse – die. Naming guardians makes sure that their kids are protected and left out of the system, court and conf lict when such a crisis occurs.”
When planning your estate, there are lots of factors to keep in mind. Charleston offers these tips that parents should consider.
Consider more than one guardian. “I always recommend at least two backups to cover you if something happens to your first choice and they can’t serve as guardian,” Charleston says.
Consider financial resources when choosing guardians. “Parents should leave enough in assets for the guardian to care for their child,” Charleston says.
Create a comprehensive estate plan, not just a will. “Only having a will, which is totally public, leaves the court to distribute your money and
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Choose a guardian wisely. “Parent should consider the guardian’s values and whether they would be most likely to raise their children in the way that they want,” Charleston says. When choosing a couple, parents should also consider what would happen if the couple separates or one partner dies. “Think about whether you’re comfortable with both partners alone as well as together,” she says.
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doesn’t protect your assets from creditors and divorces,” Charleston says. “A comprehensive plan protects the assets for your children’s future.”
Name both long-term and short-term guardians. “Shortterm guardians should be named to take immediate action if you become unavailable – not just due to death, but accidents and delays,” Charleston says. Long-term guardians are who will take care of your children going forward.
Parents can start the process of estate planning today by naming guardians for free on Charleston’s website: katiecharlestonlaw. com.