By Jonathan E. Noble, Esq.
Who has the time?! Not anyone nowadays – especially not parents!
Between work, school, daycare, sports, all manner of extracurricular activities, managing multiple schedules, scrolling, shopping, cooking, cleaning, etc. – the list is virtually never-ending – trying to find the time to get your affairs in order poses unique challenges for parents, especially those with young children. Despite this reality, parents of young children have some of the greatest incentives to set aside time to get their estates planned, namely, their young children!
As busy, busy humans, we all have our daily deadlines and limited time to meet them all. What we don’t have is a way to predict the future, a way to predict when exactly our time is going to end – we can barely predict the weather! The simple fact remains – tomorrow is never promised. Failing to take the time to plan for your passing inevitably creates more problems for your loved ones and may result in financial distributions or custody arrangements that you would not have wanted.
If something unexpected were to happen to you and your spouse, without an estate plan of your own design in place, your minor children could end up in the care of the Commonwealth in a group home or foster setting. Meanwhile, loved ones you’ve left behind are battling in court over who takes over – sometimes for years. Executing a Will gives you the opportunity to direct what happens after you die. By simply appointing guardians for your minor children in your Will, you can ensure that those entrusted with caring for your children and securing their futures are the ones who continue raising them, instead of strangers.
All too often the story is the same, “you’re totally right, we should definitely get some estate planning done! We’re just so busy – we’ll get to it later.” But recognizing the need doesn’t always do the trick in motivating us to seek out the solutions, even when we know what they are and how to gain access to them. Failing to establish a plan leaves the responsibility of your children up in the air and also leads to your surviving loved ones fighting over your worldly possessions, and who should become responsible for your children – instead of grieving your loss and celebrating your life.
Most people think that estate planning is only for the elderly or the extremely wealthy and don’t really feel establishing a Will makes any sense for them at this time. To the contrary, it’s never too early to start the estate planning conversation – no better time than the present! Most folks without a Will tend to think that they have no estate plan. As it turns out, Uncle Sam does have an estate plan for all of us! These default rules dictate what happens to your personal possessions, your assets, and sometimes even your children when you pass away. Rarely do these rules result in the kinds of outcomes you might want or predict, which is another great incentive to solidify your wishes through estate planning.
Time is our most precious, valuable, and finite resource. We all know time is scarce, yet the “I’ll get to it later” mentality persists – just look to all those unfinished side projects, unread emails, etc. Don’t delay! It is worth repeating – later, much like tomorrow, is never promised.
If you are looking to start your estate planning, call us at 412-209-3200 or email Jonathan (“Jake”) Noble at jnoble@PaLawFirm.com to schedule a free, no-obligation consultation.