A Few Simple Steps Every Parent Can Take To Protect Minor Children

The parents of minor children are often harried and have little free time to plan for the next week let alone years down the line. When they do plan for the future, their concerns are often about retirement and college not what would happen to their children in the event of one, or both, parents dying. However, failure to plan for such an event could have terrible consequences if something did happen but can be avoided by following a few simple steps:

• Making a will should be the first step for every parent. Consulting with an attorney is the best way to prepare the document but holographic wills can also serve the same purpose when the parents are short on cash.

• Guardianship of minor children should always be established. Battles between in-laws over who will take care the children can easily erupt when the wishes of the parents are not established in writing before death or incapacitation.

• Consult with a reliable agent to determine what type of life insurance would be the best fit. The majority of parents do not have any insurance, or too little, to support children for a long period of time. While the expense might seem unnecessary to many, it will protect children from being impoverished or dependent on the goodwill of others in order to survive.

SeeCatey Hill, Why parents don’t make this simple move to protect their kids, Market Watch, August 27, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.