Estate planning doesn’t just protect you. It also allows you to protect those who depend on you for basic needs. It may seem incredibly unlikely that you and your spouse would both die and leave your children without parents.
While it is rare, this exact situation does occur in the modern world. You can get into a car crash while out together for date night or die in completely unrelated accidents a year apart from one another. You have no way to know what the future has in store for you, your spouse or your children. All you can do is plan so that you have protection from the worst possible situations for yourself and those who depend on you.
What will happen to your children if both you and their other parent die and neither of you leaves a will?
Your children will become orphans
When both parents die, the surviving children are orphans. Parents with the foresight to plan ahead of time could name a guardian to care for their children or even create a trust to protect their inheritance until they turn 18.
If you don’t have a guardian named for your children, they could very well end up in state care after your death. They could live in a group home or wind up separated from one another to live in foster care homes. The assets that you set aside to care for the children may very well go to the parents who adopt or foster them at this point, rather than to the children when they turn 18.
There are many sad stories about the bad things that can happen in foster care, ranging from children placed in homes with too many children to those who endure abuse. Naming a guardian is a way to protect your children from this vulnerable situation.
You can protect your children by planning ahead
You don’t have to leave your children vulnerable in the event that something happens to you. Creating a will, choosing a guardian and thinking about their inheritance now can help you protect your children from personal and financial hardship if you and their other parents both die.
Proper estate planning helps you protect the people you love and will give you peace of mind as you go about your daily life.