Summer vacation season is coming -- what's the state of your estate plan?
Summer is almost here. I know we live in Michigan so the weather could change quickly but the flowers are in bloom and kids are eager to get outside and play. This may have prompted many of you to start looking at summer plans and vacations just like I have. Everyone wants to get outside and enjoy the warm weather and sunshine, whether it's camping, hiking or traveling. So while we are busy picking times that the whole family's schedule can be coordinated for a week away or even just a long weekend, I want to encourage you to take an extra step in your planning before you leave for summer fun.
You need to be certain about the state of your estate plan before leaving for vacation. We all know that we should have a will but we put it off because we think we don't have enough assets to plan or it's just not a good time. I want to let you know that these delaying tactics are just another way to procrastinate and it could end up hurting your family. If you have minor children, it doesn't matter how much money you have in the bank or how long the list of assets you have on your balance sheet. You need a plan to provide for your children in the event something happens to you. Who will care for your child? Where will they live? How will their needs be met? These questions become even more urgent when you are traveling and going on a vacation as a family as it increases the risk for a family disaster. Don't view this as a cloud in the sunny sky of your summer plans, but rather, as a cool breeze of confidence at your back as you set out on your adventures knowing that your family will be provided for according to your wishes.
You may not need a complex estate plan but you need to at least nominate a guardian and conservator for your minor children which can be done through a simple will. This is something that can be taken care of fairly quickly and simply without putting your travel plans on hold.
Don't you want to enjoy your vacation as a family and have peace of mind that your children are taken care of? Of course you do.