As a parent of a budding sports star, you understand the dedication it takes for your child to excel in their sport. From early morning practices to weekend tournaments, you’ve supported them every step of the way. But have you considered an estate plan? 

Estate planning isn’t just for the wealthy or the elderly—it’s an essential tool for parents of young athletes. Let’s explore essential estate planning considerations for parents of young athletes, ensuring their athletic dreams are safeguarded and their transition to college and beyond is smooth and secure. 

Protecting Future Earnings 

Your child’s athletic career could lead to significant financial opportunities, from college scholarships to professional contracts. An estate plan can help manage these potential earnings, ensuring they are used wisely and securely. 

Consider setting up a trust to manage and protect your child’s future income, which can be particularly useful if they receive large sums of money at a young age. 

Scholarships and Financial Planning 

For children aiming for a sports scholarship, it’s important to plan for the financial aspects of their education. Estate planning can help you set aside funds for tuition, equipment, and other expenses. 

Additionally, it can ensure that any scholarships or financial aid they receive are maximized and used effectively. 

Ensuring Proper Guardianship 

If your child is still a minor, designating a legal guardian is crucial. This ensures that if anything happens to you, your child will be cared for by someone you trust. Discuss your choice of guardian with your child to make sure they are comfortable with the decision. 

Health Care and Medical Decisions 

Athletes are often at risk of injury, so having health care directives in place is essential. A health care proxy and HIPAA authorization can allow you to make medical decisions on your child’s behalf if they are unable to do so. This ensures that their medical needs are met promptly and according to your wishes. 

Planning for College and Beyond 

As your child transitions to college, their legal and financial responsibilities increase. Teaching them about budgeting, credit, and the importance of maintaining good financial habits is vital. Help them set up their own bank accounts, understand credit cards, and learn about managing their money effectively. 

Avoiding Common Mistakes 

It’s easy to get caught up in the excitement of your child’s sports career, but overlooking estate planning can have serious consequences. Make sure your estate plan includes: 

– A will that outlines your wishes for your child’s guardianship and financial support. 

– A trust to manage and protect your child’s future earnings. 

– Health care directives and HIPAA authorizations to ensure their medical needs are met. 

– Financial planning for scholarships and college expenses. 

Safeguard Your Kid’s Future with Trust Counsel 

Now that you understand the importance of estate planning for your young athlete, it’s time to take action. Schedule a consultation with our team at Trust Counsel to discuss your family’s unique needs and create a comprehensive estate plan that safeguards your child’s future.