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Do new Tennessee parents need estate plans?

| Oct 4, 2019 | Estate Planning |

The legal team at the Middle Tennessee law firm of Russ Cook & Associates in Brentwood routinely advises its valued and diverse clients of the broad-based benefits they can receive by executing tailored estate plans.

In fact, we note on our firm’s website that, “An estate plan is essential for everyone, regardless of stage of life or economic status.”

We submit that the just-referenced “everyone” unquestionably encompasses parents of newborns and infants – in fact, moms and dads of any families comprising children who have not yet reached adult status.

As clear as that need is to seasoned planning attorneys, it is equally unappreciated by many new parents. A recent article in a national financial journal duly notes that, “People often don’t think about estate planning when they’re young, healthy and starting a new family.”

Indeed, they frequently think that instruments like wills and trusts are relevant for only older couples who have accumulated significant assets. What is there to protect if you’re, say, a 20-something couple just embarking on careers?

Candidly, the answer is obvious, isn’t it?

It’s the kids. They are the most valuable asset of all, and they are manifestly vulnerable. Who will take care of them if some adverse life circumstance should intervene to preclude parents’ continuous involvement?

Sound estate planning anticipates that and implements safeguards to guard against it. Wills don’t just bequeath assets; they can designate a trusted guardian for the children, as well. Trusts are impressively flexible legal instruments that can ensure necessary financial assistance will always be available for growing kids, even into adulthood.

There are in fact many sound strategies that parents can employ to provide peace of mind and continued security for their young loved ones. Proven planning attorneys can provide further information.