As a mother and estate planning attorney, I know how important it is to secure my children’s present and future well-being. So, as Mother’s Day approaches, I wanted to share my thoughts on the value of helping the mother in your life with her estate planning. Whether you are her partner, spouse, child, grandchild, or even a friend, this is one gift you can offer to give her peace of mind on her special day.
And don’t overlook the fact that if you are a mother yourself, estate planning is one of the best ways to ensure the ongoing care of your children. Naturally, every mother’s situation is different, however, the importance of estate planning remains the same. With proper planning, you can gain the peace of mind that comes from knowing that your children will be cared and provided for even when you are no longer around.
Where do you even begin?
There is a difference on how to approach estate planning depending on the age of the children, so we will look at it from that angle and from the perspective of the mother. The goal is twofold: continuing sound parenting and providing sufficient financial resources.
Minor Children
If you have children who are under the age of 18, then you will want to consider what will happen if you die. I understand how difficult it can be as a mother to even think about this possibility, and even more so to discuss it with your spouse or partner. Yet, that is a necessary first step toward creating a stable future for your children.
You will want to have either a will or trust that names a guardian/trustee who will care for your children as you would. This is an important selection of course, especially if you are a single mother. A trust may be the best option overall, where you can also outline use of funds by the trustee and specific guidelines to follow.
Another piece of your estate plan should be a life insurance policy, which can fund your trust and guarantee that there is financial support available for your kids.
Adult Children
Although adult children may have begun their own careers or families, it is not uncommon for them to rely on parental support to get started or for life transitions. You can use a trust for their benefit as well, ensuring they have the foundational financial support they need. This type of legacy will allow you to feel confident in the knowledge that no matter what, you will continue to care for them in their adult lives.
Whether you are a mother yourself, or want to help the mother in your life, this Mother’s Day is the perfect opportunity to have a loving conversation around estate planning. Another easy way to get started is by attending one of our estate planning workshops so Mom can get her questions answered. For our upcoming workshops, visit www.estateplanningworkshop.org or give our office a call at (951) 445-4114 to learn more.
