Six Steps to an Estate Plan for Busy Parents of Young Children

  By the time my son was born, I was already an attorney with several years of practice behind me.  I had a mortgage, a 401K, and student loan debt.  I was a responsible professional with my own office (and a DOOR), clients who respected my opinions, and even an assistant who (sometimes) would screen my phone calls.  I was, by all markers, a competent adult.  And yet, as I held my son’s six pound body in my arms for the first time, I remember thinking that I was totally unprepared to keep this tiny human alive and safe. It’s a feeling I think that all parents have had.  The “what now?” and the “what if?” can become overwhelming.  The good news is that creating an estate plan can give you peace of mind that if the worst were to happen, you would still be able to provide for and protect your tiny human. So, how do you get started?

  1. Understand your options.
To quote the great bard Neil Peart of Rush (yes, I’m an Old), “If you chose not to decide you still have made a choice.”  For estate planning purposes, this means that if you pass away without an estate plan, the Commonwealth of Massachusetts will gladly provide you with its plan.   And in many respects, it’s perfectly adequate for many people.  As long as you don’t think your descendants will mind a lengthy, expensive, and public probate process, and don’t mind a judge appointing a guardian for your children three to six months after your death…yeah…maybe that’s not the best idea. In all seriousness, creating your own estate plan gives you control over your estate and can keep proceedings private and efficient to protect your assets and your children. In essence, an estate plan i

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April 6th 2017 |

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