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Set Your Children Up for Success with an Estate Plan

Set Your Children Up for Success with an Estate Plan

By Hampton & Pigott
Posted on 11-14-2022

No one likes to think of worst-case scenarios, but not thinking of them could be the worst-case scenario. The phrase “those who fail to plan, plan to fail”, comes to mind.

If you want to set your children or your future caregivers up for success, then creating an estate plan is essential. Should something suddenly befall you and you are not in a condition to speak on your own behalf, an estate plan will make caring for you and your assets as smooth of a task as possible. Here are a few specific ways you can get your affairs in order in a way that will ease the burden for your loved ones.

Construct a Will and Keep It Updated

Having a will is a great first step, but it is not a one and done effort. Make sure to keep your will updated and make revisions as necessary to reflect changes throughout your life. A will make sure that confusion and squabbling regarding your assets is avoided. Having a will that clearly states who your beneficiaries are is one of the best ways to set your children up for success once you are gone.

Name an Insurance Beneficiary

If you have a life insurance policy, it is also important to name a beneficiary. You can name multiple beneficiaries if you wish, but if one child acted as caregiver more than others, you may wish to name them.

Look Into Medicaid Planning

If you should fall ill or need extensive medical care at the end of your life, this can be incredibly straining mentally and financially on your children or caregivers. Medicaid planning, however, can help you qualify for medical assistance without spending all your assets. Looking into Medicaid assistance now will ensure that you are cared for should you need medical care later in life and it will lighten the load for your children. That way, your loved ones can just focus on spending time with you and not worrying about how to find the money for your medical care.

At the end of the day, planning your estate is one of the most loving things you can do for your family members. That being said, it can be a daunting task to get started on. If you need help planning your estate, contact our team at Hampton & Pigott. We would be happy to help you.