Tennessee Estate Law Blog
Every parent seems to have the “perfect” advice when it comes to rearing children: “We don’t let Abby watch TV because it leads to A.D.D.;” “Oh, we don’t let John eat anything but organic foods;” “Let him cry it out;” “Don’t let him cry it out.” Child-raising techniques vary with each child and parent. Some seem odd; some seem too traditional. The “dos” and “don’ts” of child-rearing are generally relative.
However, I think it’s safe to say that the following piece of parental advice is universal: you need to put together a plan for your children in the event that you are not around to raise them.
Estate planning is so much more than deciding how to divide and distribute assets. Individuals who have minor children or are the guardian of an adult child should plan for the care of their children regardless of the size of their estate. The absence of such a plan could result in a court appointing someone to control your child’s life and estate—someone who you otherwise might not have chosen. We suggest that you begin the process of planning for the future of your child’s care and estate before or just after the birth of a child.