Global "Hug Your Kids Day" is this month and for those who have children, it's definitely a day you can wrap your arms around. Scientists have said when you hug someone for 20 seconds or more, you release a chemical Oxytocin within yourself and the person you are hugging which creates a euphoric sensation similar to feeling safe and secure. This is a great practice to instill everyday to stay connected to family. When it comes to estate planning, assigning a guardian for your children is like leaving a hug behind should something happen to you.
The most important reason for parents with minor children to have a will is to name guardians for their children. It’s not only about where the money goes or managing financial affairs, it’s about making sure that if something were to happen to either of you, that you have made the decision, rather than allowing the court to make the decision, who will love and care for your children the way you would want them to be raised. This is one of the most important reasons as a parent with young kids need to have a will in place and a proper guardian assigned for your children.
So when you hug your child today, think about who that guardian might be. Hugs are a great way of expressing your love and comfort, but the best comfort is knowing your kids are taken care of by someone you trust should that ever be the case.
Russ Nesevich is the Director of Estate Planning at King Financial Network. Russ works directly with families to help navigate solutions that help meet their needs. He mainly focuses on preserving wealth, minimizing estate taxes, and positioning clients to leave behind a legacy for future generations.
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