Estate Planning for Minor Children
Protecting Your Minor Children with Proper Estate Planning
Have you done proper estate planning for your minor children?
As a parent of minor children, you know they are your most valuable treasure. So what arrangements have you made for their care if something were to happen to you? And scribbled notes on a cocktail napkin don’t count … nor does a casual conversation that’s never memorialized in legal documents. A properly drafted will is the only way to appoint back-up parents for your minor children.
Who should be their guardian?
Do you want to select the guardian charged with the responsibility of taking care of your children if neither parent is able to do so? Or would you rather have a probate court make the selection without your input?
Who should manage their inheritance until they are able to do so themselves?
What about managing their inheritance? Do you want to avoid the time and expense of a court supervised guardianship for your children which would involve a judge making every decision related to your child’s inheritance including what to invest in and when a distribution should be made? The alternative would be to appoint a trusted family member or friend as Trustee to manage your child’s inheritance until the child is able to do so himself or herself.
Few decisions in life are more important. With proper planning, you can be the one to decide what is best for your children if you are ever unable to care for them.
Read more about Why a Will is Important in this article from our blog.