As families prepare to celebrate Mom this Mother’s Day on Sunday, May 8th, children and significant others prepare to make this 1 day extra special for her. This day usually showers Mom with flowers, a dining experience, gifts and other memorable moments for the whole family to remember. The point of this day is for Mom’s to feel extra special, but Mom’s can also take this day as a reminder of things to arrange for their family’s future.
Regardless of whether you have been a Mom for 1 year or 21 years, you and your children will feel even more love between yourselves when you let them know that you have planned for their future with estate planning arrangements. Estate planning arrangements offer answers to the following questions:
- Who will care for the kids in Mom’s long term absence or death?
- Will the kids be left under the parental guidance of their natural father upon Mom’s death?
- Are there any savings accounts reserved for supporting the kids upon Mom’s hospitalization, incapacity or death?
- Are there any life insurance policies Mom set up?
- Who will handle the children’s financial, healthcare and educational future if Mom cannot do it?
- If Mom passes away, what items (including houses) do the children split and when?
- If Mom owns a business and suffers an accident, who carries on the business?
Estate planning answers many other questions that are dependent upon the family structure. This is even more important where there are circumstances involving adopted children, step children, blended families, disputes among family members and so on.
Therefore, enjoy Mother’s Day this coming Sunday. Hug your children like never before on this day and then focus on how you can show them your love even more through estate planning. Calendar a reminder to yourself as a Mom to plan for your children’s future through Wills, Trusts, Financial Planning and other methods.