The following is a sponsored post on behalf of the Stoner & Davé law firm. I am not a licensed attorney and this blog is for informational purposes only.
Every Parent Needs a Will
As parents, we do anything to help our children. We protect them at all costs. Nonetheless, tragedy can strike in the blink of an eye without any warning. My heart sank as I read the news of a local mother who recently passed away after attempting to save her son and his friend. The heroic mother had jumped in to save the boys who had drifted too far from shore. I was completely shocked by this tragic accident and my mind began to race.
What would happen to my 5yo son if something were to ever happen to me or my husband? We didn’t not have a will, plans or last wishes in place. What guardianship rights would my husband have being my son’s stepfather is something were to ever happen to me? I’m a stay-at-home mom… how could I afford the estates being tied up in court for weeks or months without access to funds?
3 Ways You Should Be Planning For You & Your Child’s Future
I was recently contacted by Daniel Stoner, a Pittsburgh based lawyer from the Stoner & Davé law firm, who was looking to educate parents on the importance of estate and guardianship planning (one of the areas he specializes in). I spent time talking to Attorney Stoner, learning about the importance of planning ahead and thereafter worked with him to draft a will, living will and guardianship plan. I’m excited to pass on this valuable information. I learned three things that should be mandatory for parents when it comes to planning for their child’s future.
1. Estate Planning
What is a will?
A will goes into effect after you die. It’s a document outlining who will receive any of your assets such as property, life insurance, etc.
Besides specific requests for certain things to go to certain people, a will also outlines details about your wishes for final arrangements, funeral requests and naming executors (someone close to you who will be filing the paper work). In addition to a will, be sure to ask about outlining additional documents to name beneficiaries to set up trusts for non-probate assets such as 401K and life insurance policies (in other words- the money won’t pass through the court system so your loved ones will receive more of the money they’re entitled to).
What happens if I don’t have a will?
For those that don’t have a will, the “per stirpes” clause (or “failure of takers clause”) looks to the nearest surviving relatives: first to your spouse, then to your child, siblings, parents, etc. Family members may have to spend time and money in court figuring out how your assets need to be divided. Unfortunately, it can also put stress on family relationship.
2. Living Will
What is a living will?
If you’re ever in an accident and are unable effectively communicate your wishes, a living will relieves loved from potentially wondering if they’re “doing the right thing” when it comes to your medical care.
It outlines a plan of action and defines what a “meaningful quality of life” is based upon your beliefs and personal wishes. In other words, if you’re purely on life support, should someone pull the plug?
What happen if I don’t have a living will?
Most people are familiar with the Terri Schiavo case and the 7 year legal struggle involving the prolonged use of life support. After having spent 8 years on life support, Terri’s husband petitioned for the removal of life support against her family’s wishes. Situations like this can be avoided by stating your wishes in a living will. It ensure a plan gets implemented without family member guessing or having disagreements.
3. Guardianship Planning
What is guardianship planning?
The likelihood of two parents passing away while a child is a minor is slim. However, it’s still in the best interest of you child/ren to have a guardian named. A guardianship plan defines who would take care of your child and make also include desires for your child’s upbringing.
What happens if I don’t have a guardianship plan?
For me personally, it was important that I have a written document stating that if anything should ever happen to me, I want custody rights for my husband (my son’s step father).
If no one is named as your child’s guardian, a Judge will decide- usually naming the other parent, grandparent, aunt or uncle.
I Have a Will, Now What?
Daniel Stoner, Esq. (of Stoner & Davé, PLLC) was able to write an estate plan, guardianship plan and living will for my husband and I with an extremely fast turnaround. Our initial conversation he gave us a series of topics to think about. During our second conversation we were able to talk through the decisions we had made. I felt he was very thorough and he answered any questions we had.
When the documents were complete, Attorney Stoner emailed them to me to read and review. No corrections were necessary so our next step was from my husband and I to take the documents to a notary to be signed, witnessed and notarized. This makes the documents legally binding. Attorney Stoner suggested we make multiple copies to give to trusted family members and primary physicians. Please note, wills should be redone every 5-10 years, or whenever a major life event occurs (more children, marriage, divorce, additional assets added, etc.)
Law Firm of Stoner & Davé
If you’re interested in protecting your and your family’s future against an uncertainty, I highly recommend giving Attorney Stoner a call. He’s a founding partner at The Law Firm of Stoner & Davé is located in downtown Pittsburgh. They’re a client centered law firm in focused on providing great services to the individuals they work with. For more information about estate and guardianship planning, please contact them directly.
U.S. Steel Tower, 600 Grant Street, Suite 660
Pittsburgh PA 15219
Phone: 412-515-0939 |Fax: 412-291-1323
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