Mother's Day is here and you’re probably still looking for the perfect gift. Flowers and cards are always appreciated, but maybe this year, you can get her something different: the peace of mind that comes with an estate plan.
We know it’s not pretty or poetic but hear us out. An estate plan can be the perfect gift for mothers of any age or stage of life. In this series we will address the needs of moms with kids at any age...
For Moms with Young Kids
Moms are usually planning machines but planning for themselves is one thing they often neglect. For those with young kids, one of the most thoughtful things you can gift to her is the peace of mind that comes with an estate plan.
An estate plan will:
- Name who will care for her children if she dies (obviously the other parent will be first but what if they both die … who is next?);
- Allocate life insurance policies, retirement plans and other assets through a trust to ensure that kids don’t get everything outright at 18 years old (despite how amazing YOUR kids are, the evidence suggests they will blow it). Without a well-considered and drafted trust, this will happen; and
- Plus everything in the above example.
For mothers with young kids, in particular, the care and keeping of their children is their highest priority. Without an estate plan, children who lose their mother (or both parents) may find themselves in a heated custody battle, which no one wants. Ever.
If you have a mother with young kids in your life, give her the gift of peace of mind that comes with an estate plan!