July 22nd was a momentous day for the British
royals: Queen
Elizabeth became a great grandmother, Prince
Charles and Camilla became grandparents, Prince Harry
became an uncle, and William
and Kate became parents.
Outside
the hospital, a town crier, decked out in traditional robes and an extravagant
feathered hat, shouted the news and rang a bell. A car carrying the
announcement drove from the hospital to the palace, where the news was greeted
with shrieks of “It's a boy!” and strains of “For He's a Jolly Good Fellow.” A
large crowd struggled at the palace gates to catch a glimpse of an ornate,
gilded easel displaying a small bulletin formally announcing the news.
Most
of us enter the world with far little less fanfare, although no less love and
affection. Once the baby is brought home
and settles in, it is important for parents to begin thinking about estate
planning. Too often, parents of young children neglect or postpone
estate planning, saying they are too young, quite healthy, or cannot afford the
expense. Another reason may be that estate planning deals with issues that
people would prefer to ignore (death, property, marriage and family
relationships).
But estate planning can be a very positive and important
part of raising a family. Estate planning assures that certain things happen at
death. Perhaps the most important benefit of having a Will is that it allows parents
to designate a guardian for their children. This person will provide for the
social training and physical needs of children if neither parent survives. If
there is no Will nominating a guardian, the court must appoint one even though
it cannot possibly know the values, lifestyle and child-rearing philosophy of
the parent(s). It must make a decision based on state law and in the best
interests of the children. It is often difficult to determine the children's
best interests in a brief court hearing. An estate plan can also ensure that
children will be financially supported and that they will have access to
education and funds that will support them throughout their life.
You don’t have to be royalty to plan for your child’s future. A little bit of planning now can give you
peace of mind about your new life as a parent.
Check out our estate
planning page for more information or contact
us if you would like to discuss an
estate plan for your family.
