Family Planning
If we think about it (either deeply or at a cursory level) we will realize that every decision we make will have a legal and/or business implication.
Unfortunately, when we think about legal implications of family planning, too often we focus only on how the law will dictate the outcomes of messy situations where people are not getting along. The course of action is act first and think about the law second. However, we would encourage you to take a different approach. First, think about what the law says. Then let that knowledge serve as a basis for your actions.
For instance, often when couples have children, they may think of naming long-term guardians for their children in their will. However, a little knowledge of the law would inform them that the will that is drafted will not have any effect until the death of the couple. So, what can a couple do to ensure that their children are left with exactly who they would want to care for their children in the event of short or long- term incapacity? Does the parent have relationships with people or other like-minded people who they would want to potentially raise their children? If you currently have those people identified…GREAT!!! If not, what can be done to develop and cultivate those relationships?
Relationship cultivation is also extremely important for the immediate family members. We routinely hear that people will say that “their family” or “building a legacy for their family” is their rationale for doing whatever they are doing. Yet, we miss the fact that building a family legacy consists of more than just passing on your stuff. Additionally, research will show that many families, even wealthy families, lose their wealth within three generations. Are there any discussions that we can possibly have now? Yes, and these are the type of discussions you will have at Davis Family Legal group as you discuss your family planning.