If something happens to you and your spouse in Cheney, Washington, are your children protected? While young couples are at less risk, estate planning is still important. This is especially true when children are involved. Fortunately, there are several ways you and your lawyer can protect your children’s future now. Taking steps now will ensure your children will be properly cared for if something does happen to both of you. Gain peace of mind by considering the following measures during estate planning in Cheney.
1. Create a Will
While you may feel that you have few assets to include in a will, you can still name guardians for your children. Without a will to use as guidance, a judge will have to assign guardianship without your input. Keep in mind that you can specify different people for each child if you think it’s necessary.
2. Buy Life Insurance
Having life insurance ensures those who become responsible for your children will have the means necessary to do so. Consider naming your children as your primary beneficiaries and your preferred guardian(s) as the secondary. Your estate lawyer might not be able to sell you a life insurance policy, but they might be able to point you in the right direction.
3. Set Retirement Beneficiaries
When planning for children, you should also designate beneficiaries for your IRA and/or 401K accounts. Naming beneficiaries ensures the funds are dispersed without probate. This process is usually easy and can be adjusted when required.
Ready to Speak with a Professional about Estate Planning in Cheney?
Are you ready to speak with a lawyer about estate planning in Cheney, Washington? Ensure your children will be financially secure and well cared for in your absence. Start by contacting the experts at Legacy Law Group in Spokane. We’re highly-experienced with estate planning, business law, church law and establishing health care directives.
Estate Planning Services in Cheney
Serving the communities of Spokane, Spokane Valley, Liberty Lake, Deer Park, Nine Mile Falls, Airway Heights, Cheney, and Mead