Estate planning is not one-size-fits all, especially for parents with dependent children. While it is good to have a plan for the long-term care of your loved ones, it is also important to consider the short-term needs of your children if and when the unthinkable happens and you don’t make it home.
It only takes an instant for a flat tire or a workplace accident to take your life or place you in a coma, and if you don’t establish a clear plan for your children’s immediate care, their heartbreak and fears may only compound when police show up and take them away. This is an unnecessary strain you can avoid by outlining who to call to care for your children in the short term if tragedy strikes.
A micro estate plan allows you to make your wishes clear about who will take care of your children’s immediate needs in the event of tragedy, and you can even provide streamlined access and direction to some assets to make this arrangement functional while the more complicated details get worked out.
While this is not a pleasant thing to consider, it is always wise to prepare for bad news before it arrives. With some careful micro estate planning, you can ensure that your children and their caretakers know exactly what to do within minutes of tragedy, rather than waiting days or weeks for attorneys to sort out your larger estate plan. Such a plan can easily fit on a page or two and you can leave it in an accessible place for a babysitter or other caretaker, or for the child themselves. Don’t put off taking a small step that can keep your family protected and provide lasting peace of mind.