How To Protect Your Greatest Asset - Your Children

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

In terms of estate planning, of course it's important to figure out what will happen to material assets like your home, car or other prized possessions - but what about your greatest asset of all? While you'll definitely want to see to it that your things are in good hands, most importantly, you'll need to have a plan for your children.

Did you know that only 49% of married parents have a will? For single parents, that number is even less - only 17% have a will prepared. But, in order to ensure that your children are protected after your passing, you must have one written well in advance.

So what must you include in a will when it comes to your children? First and foremost, you'll need to choose a guardian for those that are minors. Additionally, guardians should also be selected for adults who have special needs. And why is this so important? If you fail to choose a guardian for your children before you are no longer able to, their fate will be determined by the courts instead.

What about beneficiaries?
It isn't uncommon to consider making your child your beneficiary, but if they are minors at the time, your best bet would be name them as a contingent with a guardian. This way, you can still leave your assets to them but in a way that best benefits all parties involved.

Although writing a will isn't always a top priority, we encourage you not to forget how much of an impact it can have on your children's lives. If you have questions about planning for your family's future - especially when it comes to wills and estate planning - please do not hesitate to contact the team here at American Investment Planners LLC. Since 1984, we have been providing comprehensive plans to each of our clients and would be more than happy to help you next.

Above information courtesy of Emerald Connect.

Three Tips For Writing Your Will

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

So the time has come to write your will - where do you start? Though writing a will probably isn't necessarily an ideal task for your to-do list, it's still important to get it done so that you're all set for your future. But since we know that this isn't as easy as jotting down a few names on a piece of paper, we've put together the following list of tips to help you get through:

1. Think carefully about your beneficiary: Your beneficiary is the person who will inherit your assets, so choose wisely! Before you set anything in stone, take some time to think about who you feel is best for the title - children, siblings, cousins, your choice. And don't forget to take age and health into consideration. Though you may have someone in mind, think about where their future stands in comparison to yours as well.
2. Choose an executor: While yes, your beneficiaries will wind up with your assets, who's to say that your needs will actually be met? The good news is, there is someone for that - the executor of your will. This person's job is to make sure that what you wish for in your will truly comes to pass. That means you need to choose someone who is responsible!
3. Be as specific as possible: The more specific you are, the better, and that's for both people who are getting something and people who aren't. For example, if you have multiple children but want something specific to only go to one, you'll need to write that out clearly. Additionally, if you have someone who you don't want anything to be left to, you need to mark that down too to avoid having your will challenged at a later date. Like anything else, the more information you can provide in this legal document, the easier it is to ensure that everything is carried out the way you hoped it would be.

That all being said, what questions do you have about writing a will? Do you have other questions about the process of estate planning? If you're ready to get started on planning for what will happen after you pass, give us a call at (516) 932-5130. Our team specializes in estate planning and will guide you on the right path to making smart decisions for your future!