Anderson Cooper just had a baby, Wyatt Morgan Anderson, born April 27. Anderson Cooper is a single parent who is 52 years old. He will be 70 when this child is an adult. Cooper is an older parent. We are also living during a pandemic and at least two of his colleagues were affiliated.
What if Anderson Cooper dies?
I’m not trying to be maudlin. I want to make you feel the catastrophe you can bring on to your children and family if you do not do estate planning for yourself and for the benefit of the child.
Whether a single or 2 parents, not planning for minor children can have devastating consequences.
Here are just a few problems that can just happen.
- If you don’t set up a trust, your children will get your entire estate at 18. Yes 18.
- Until they turn 18, the money is held in a court guardianship by a guardian appointed by the court, and the guardian must account to the court for every penny spent. This is only good for the attorney representing the guardian..
- If you haven’t named a guardian in your will, the court will appoint whom the court feels is best and will not have the benefit of your wishes for both financial matters and who the child will live with
- In other words, you have completely absolved your obligation as a parent and turned it over to a court at a time in your child’s life when conflict and stress is the last thing he needs. You have also left to friends and family at the very least unnecessary burden and possibly opened this up to argument among family and friends as to what each thinks your wishes were and what’s best for the child
- I have no doubt that Anderson Cooper has already done his plan for his son but you never know. Lots of celebrities mess up their estate (Prince comes to mind. Also Chief Justice Warren Burger and, oh yes, Gloria Vanderbilt’s story – sort of)
While in the midst of so much uncertainty, do not leave your family problems so easily avoided. The planning is for your children and family and for your peace of mind.
