I was recently speaking with a group of people following one of our live educational events. After our event, one of the couples asked a very common question, “I’ve heard estate planning is only for retirees. Is that correct?”
This is a very common area of confusion when it comes to estate planning. However, and contrary to what most people assume, estate planning is for everyone, especially for those who have minor children. I explained to this couple that a young family with minor children should put their estate legal affairs in order. I explained to this couple the horror story of James and Leslie.
James and Leslie had two children, ages 2 and 6, and both James and Leslie were working full-time. Tragically, James passed away from a massive stroke. In addition, 3 years later, Leslie passed away in a car accident. Therefore, James and Leslie’s two children, now ages 5 and 9, lost both of their parents. Further complicating the matter, the surviving family was left with the very difficult decision of who would take care of these two minor children until they became adults, would it be James’ parents or Leslie’s parent, as both had expressed a desire.
The unfortunate result was a long and drawn out court battle between James’ parents and Leslie’s parents on who would take custody of the two children. The court case went on for nearly a year, and after the case was over, the damage to the family relationships could not be repaired between the two families.
However, James and Leslie could have avoided this by simply putting their estate legal affairs in order and naming whom would take custody and be named guardian of their children in the event of both of their deaths. If James and Leslie would have done this, then this long and drawn out court battle, as well as the damage to the family relationships would never have occurred.
If you have questions about estate planning in Tennessee and how you can set up your legal affairs so that your minor children are protected in the event of your death, then I encourage you to attend one of our live free educational events scheduled this month. At these events, you will hear a lot of real life stories about families that paid thousands of dollars in unnecessary expenses, families that were able to avoid unnecessary expenses, and families that enjoyed zero government intrusion into their private lives.
I look forward to speaking with you at one of our upcoming live educational events!