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Estate planning is a way to protect your young family

Growing one's family by having or adding children is certainly a gift. When children are young, parents have so many things to worry about, so some things that may not seem important at the time get pushed to the wayside. Estate planning is one of those items that numerous parents of young children, whether in Michigan or elsewhere, do not spend a lot of time considering. However, it really is not something that should be ignored.

Most parents would do just about anything for their children. Protecting them in the event of one's death or incapacitation should be included in that. If one is no longer able to care for his or her children, who will? How will one's assets be passed to kids who are still minors?

Parents of young children have the ability to name the individual or individuals that they would like to take care of their kids if death or incapacitation strikes. Being able to do this can give parents a sense of calm and peace, knowing that that their children will go to a person that they know and trust to raise them. This same person, or another, can be named the guardian of the estate, giving him or her control of distributing assets either as children become of age or to be used for their upbringing.

These are just a few of many concerns regarding children that can be addressed during the estate planning process. An experienced attorney can assist Michigan residents as they seek the necessary protections for their children and with general asset and beneficiary protection as well. With the right help, one can be sure all that in the event of death of incapacitation, a solid plan is in place and ready to be activated.

Source: nerdwallet.com, "Congrats on Your New Baby! Now It's Time for an Estate Plan", Brian Mccann, Dec. 22, 2016

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