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The need for estate planning for young parents

Years ago, most Ontario parents would have appointed godparents who would take care of their children, if anything should happen to the parents that would orphan the kids. However, times have changed, and young couples are generally either less religious or not as traditional.

Many young parents may overlook the importance of estate planning and the appointment of guardians for their children. Life is unpredictable, and young children may unexpectedly be left without care if their parents perish in an accident.

For this reason, establishing estate plans is essential for the young parents.

Plans need not be complex but should at least include provisions for their children. As the years pass, the parents can modify the plans to fit altered circumstances and to accommodate the unique needs of each child.  The most important and challenging task would be to choose appropriate guardians.

The best advice for the parents might be to select relatives or friends with similar values, standards and parenting styles. It is also important to make sure the chosen guardians are aware of your choice and will be prepared for the financial, physical and emotional responsibilities if an unfortunate event will put the children in their care. It is also important to ensure the chosen guardians are aware of the legal processes that they will have to go through to become legal guardians of the children, should such a need arise.

This may all seem overwhelming, and young parents might have many questions about the process of basic estate planning and appointing guardians to ensure proper care for their children. The services of experienced estate planning lawyers are available to provide support and guidance to Ontario parents. Once the initial estate plans are in place, the same lawyer can assist with occasional reviews to make sure important life changes such as new births are included.

Source: Huffington Post Canada, "3 Estate Planning Tips For New Parents", Andrea Love, Accessed on July 7, 2017

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