No parent enjoys imagining a future where they are no longer there to care for their children. Yet according to estate planning attorney Anna Rittgers, preparing for the unexpected is one of the greatest gifts a parent can provide.
"It’s not fun to think about," says Rittgers, co-owner of Rittgers Law Firm in Aiken with her husband David. We have four children ourselves. Doing a will is not the most exciting way to spend your money. But it's a way to ensure that your family will be taken care of if something happens."
Rittgers specializes in estate planning, wills, trusts, powers of attorney, probate matters and special needs trusts. While many people assume estate planning is primarily about dividing assets, she says parents should focus first on protecting their children.
"The will is very important because you can nominate a guardian for your children," she explains. "Otherwise, the court will decide for you."
Many parents are surprised to learn that if both parents pass away without a will, a judge ultimately determines who will care for their children. A thoughtfully prepared estate plan allows parents to make that decision themselves and clearly document their wishes.
Rittgers encourages families to think carefully about who would be best suited for different responsibilities.
"You may have someone who would be wonderful taking care of your children, but who would be a disaster if they had any responsibility for funds," she says. "You can make different people responsible for different roles."
For families with younger children, another important consideration is how and when an inheritance is distributed. Without proper planning, a child may gain unfettered access to inherited assets at age 18.
"Many 18-year-olds aren't able to handle large sums of money," Rittgers says.
Trust provisions can allow parents to stagger distributions over time or tie them to milestones such as completing school, reaching a certain age or demonstrating financial maturity.
Families caring for children with disabilities face additional considerations. Rittgers often helps parents establish special needs trusts, which allow assets to be set aside for a child's benefit without jeopardizing eligibility for certain government programs and services.
Beyond wills and trusts, she also encourages parents to review beneficiary designations, consider life insurance needs and revisit estate plans regularly.
"Life happens," she says. "People change, circumstances change and your documents should reflect that."
Her recommendation? Review estate planning documents every three to five years or after major life events such as a move, marriage, divorce, birth or death in the family.
Ultimately, estate planning is about creating peace of mind.
"It makes things easier for the people left behind," Rittgers says. "And that's really what planning is all about."
The team at Rittgers Law Firm, LLC offers personalized estate planning services tailored to each family's unique needs. To schedule a consultation, visit rittgersfirm.com or call 803-961-4529.
"People change, circumstances change and your documents should reflect that."