“Thought for the Day” #796 – by Stephen R. Elville, J.D., LL.M.

September 2, 2016

School buses are everywhere, and a tropical storm is coming.  This can only mean one thing – it’s fall in Maryland and the children are back in school.  This Labor Day weekend, if you are the parent of a minor child, you should check the status of the guardians for minor children named in your will – are they still suitable, and have any facts or circumstances changed?  What’s that, you have no will?  Then it’s time to implement a will-based estate plan so that guardians and successor guardians can be named, and any customized guardianship provisions included, among other considerations.  Young parents should also check the status of their life insurance policies, including beneficiary designations, to ensure that adequate life insurance coverage has been provided for and that a guardianship of the property for minors is avoided.  Young parents, it’s time to protect.