As a mother, you love and care for your family deeply. That love and care extends far beyond the present.
While nurturing your children and creating a loving home are undoubtedly essential, have you considered what would happen to your loved ones if the unexpected occurred?
Estate planning is a powerful tool that every mother should embrace to secure the future of her family.
Over this next year, I will delve into the significance of estate planning for mothers and families, highlighting the instrumental benefits it offers and steps you can take to ensure your family’s financial well-being, including but not limited to the following topics:
Protecting Your Children
Perhaps the most compelling reason for mothers to engage in estate planning is the opportunity to protect and provide for their children. As a mother, you want to ensure that your little ones are cared for, both emotionally and financially, should something happen to you.
Estate planning enables you to designate a guardian who will love, support, and raise your children according to your wishes. Additionally, you can establish trusts or set up financial provisions to secure their education, healthcare, and future endeavors, granting them the best possible start in life.
Preserving Family Wealth
It is a common misconception that estate plans are only for the wealthy. No matter what your net worth is, you should have an estate plan.
Mothers often play a pivotal role in managing the family’s finances. Estate planning enables you to preserve and manage your wealth for the benefit of your loved ones, even in your absence. By establishing a comprehensive estate plan, you can minimize estate taxes, protect assets from creditors, and ensure the smooth transfer of property to your intended beneficiaries. This empowers you to maintain the financial stability of your family, safeguarding their future against unforeseen challenges.
If you do not have these tools in place, the State of Florida will determine your beneficiaries for you (not ideal!).
Healthcare Decision-Making
Ever travel without your children? Did you have valid legal documents executed so that the caretaker or grandparent can have access to medical records and make decisions in the case of an emergency?
Life can take unexpected turns.
In unfortunate circumstances where you are unable to make medical decisions for yourself as well, estate planning allows you to designate a trusted individual to act as your healthcare proxy or nominate individuals to care for your children with the legal documents necessary to ensure access to hospitals and records. Even if you are married, most hospitals will require valid documents that allow your spouse access to health records and to make decisions on your behalf.
With the right documents in place, it ensures that your wishes regarding medical treatment, end-of-life care, and organ donation are respected. By addressing these matters in your estate plan, you alleviate the burden on your loved ones, granting them peace of mind during challenging times.
Business Succession Planning
Mothers who are entrepreneurs or business owners face the additional responsibility of ensuring the continuity of their businesses. Estate planning offers you the opportunity to create a solid succession plan, designating who will take over your business operations and continue your entrepreneurial legacy. By putting these arrangements in place, you provide stability and a roadmap for the future of your business, safeguarding your family’s financial security.
Mothers are the pillars of love and strength within their families, and estate planning empowers them to extend that love even further.
By taking the necessary steps to create a comprehensive estate plan, mothers can ensure the well-being of their children, protect family wealth, make informed healthcare decisions, and secure the future of their businesses. Let us celebrate the resilience and foresight of mothers by embracing estate planning and creating a legacy of care and support for generations to come.
Every family is unique, and each mother has different desires and abilities to provide for their family. I have two loving parents who divorced when I was very young but have stayed close and did an incredible job co-parenting. I grew up with strong step-parents who were very involved in my growth. I have a brother, half-brother, and step-sister who I love. I am a modern family and relish in the relationships I have been able to build with different members of my family.
These family dynamics can be important for each mother to consider when thinking of a comprehensive estate plan.
I look forward to sharing important estate planning tools with you!
Virginia Ralls is a Pensacola native and an avid supporter of military members and their families. Virginia graduated from the University of Florida and then came home to pursue her Master’s Degree from the University of West Florida (Go Argos!). While working full time and obtaining her Masters full time, she met and fell in love with her husband, another Pensacolian, James Ralls, who was active duty Coast Guard. They married and moved to Philadelphia with his new orders. A dream became reality when Virginia was accepted into the Drexel University School of Law in Philadelphia, PA. Eventually, they found their way back to Pensacola, where their son Vincent was born. Virginia now practices law with her father at Chase & Ralls, PLC, where she is the Director of Trusts and Estates. She uses her experience in law to help mothers and families navigate estate planning and probate. She believes Pensacola was a dream location to grow up, and she is now excited to grow her own family in this Western Gate to the Sunshine State.
