Estate Planning to Protect your Children
Getting your will done is not usually at the top of anyone’s to-do list. Even so, an estate plan is essential for parents with young children. An estate plan is one of the best things you can do for your family. It will provide you with peace of mind. An estate plan will ensure the future security of your loved ones.
If you have children under the age of 18, an estate plan is essential. Underage children cannot own property. Children under the age of 18 cannot be named beneficiary. Your will becomes more complex when there are children. If you die without a will, your state will decide how to divide your assets. The state will also choose a guardian for your children. The legal system will take longer to make decisions if there is no will. Probate is time-consuming and more expensive. And the decisions made by the state may not be what you want.
An estate plan is a set of instructions and legal documents. Your estate plan will include your will and several essential documents. I make sure that you have the necessary documents. I can ensure that your will is complete and addresses all concerns for your estate and family. Listed below are some of the documents that may be part of your plan.
Your will is a good start for drafting an estate plan. A will defines how to divide your assets. Your will specifies a guardian or guardians for your children.
A trust is another method of estate transfer. Trusts are often combined with a will. Two common types of trusts:
- Caring for minor children.
- Special needs trusts for dependents with disabilities.
Powers of Attorney
A power of attorney is necessary if you become unable to make decisions yourself. Several types of power of attorney:
- A financial power of attorney.
- A health care power of attorney.
- An advance healthcare directive, also known as a living will.
Once Your Estate Plan is Complete – Store Your Estate Plan Documents
- Keep your documents together.
- Inform your attorney and executor of the location of your documents.
- Create electronic copies and store them.
Creating an estate plan for a family with young children is complex. Each family is unique. No two estate plans will be the same. I help you find the best options for your situation. I have the knowledge and experience to help you create the right plan for your loved ones.