Estate planning when you have minor children
The day you became a parent your life changed. Your focus quickly switched to making choices that would allow your child to live the happiest and most loved filled life.
Your comprehensive estate plan whether you are single/unmarried or married will include all the documents you need to ensure you have planned for possible incapacity and preserve family harmony at your passing.
Your comprehensive estate plan will also take the steps necessary to ensure your children are cared for in the event you pass away when they are still minors. You can also ensure that their inheritance is protected and not given to them outright on their eighteenth birthday. As a parent, it is extremely difficult to think of someone else raising your children. It is not an easy decision to think through who would be the best person to raise your children, but it is one of the most important aspects of an estate plan for someone with minor children.
You are able to name guardians in your Will in the event you and your spouse/partner pass away. The court will review who you have named during the guardianship proceeding and look to those individuals first when granting guardianship. Naming guardians gives you a voice in the process. If no guardians are named in a Will, the judge will make the best decision with the information presented during the court process.
You can download Your Guide to Choosing a Guardian to help you start thinking through naming a guardian.
Your estate plan can also ensure your children are financially taken care of after you are gone by creating a Revocable Living Trust. You can structure your Trust to allow for a trusted relative/friend or financial institution (like a bank) to manage your child’s inheritance and distribute the money as needed to your child’s guardian or to your child once over 18 years old, so they can live a full life. The money can eventually be paid out to your child once they reach certain ages/milestones or held in Trust to protect from creditors, divorce, bankruptcy, or falling victim to unscrupulous individuals.
If you have children, estate planning can protect you and your children. If you would like to learn more, register for an upcoming webclass.