Parents with young children need to take extra care to make sure that they have an effective estate plan in place. This will ensure that their children are always protected.
Our previous blog entry discussed some important planning tips for parents. We’ve taken the time to compile additional tips. If you have any questions about the below information, or if you’d like to begin your planning, meet with an estate planning attorney.
- Discuss your planning with your loved ones. It’s a good idea to reassure your loved ones that you’ve taken the time to plan. Not only does it allow them to have peace of mind that you’ve protected your assets and yourself, but also that you have a plan in place for your children in case of an emergency. It’s a good idea to discuss different aspects of your planning with your loved ones so that they have a better understanding of your decisions.
- Consider creating a trust. A trust allows you the opportunity to leave assets to your minor children. Because your children are minors, you’re unable to leave money to them directly. They are legally unable to inherit. Instead you will be able to appoint a trustee who will be responsible for managing the assets that you leave. This is a great way to make sure that your children have enough money needed for the necessities and care.
- Ask your estate planning attorney about your specific needs. An estate planning attorney will be able to identify and understand your specific planning needs.
For example, do you have a child with special needs? If so, your attorney will recommend certain planning techniques that will allow you to protect your child.
It’s important to be open and honest with your attorney so that you have the best plan possible and that your children are able to get the level of care that they need.
If you have any questions about the above tips for parents with young children, or if you’re ready to start your planning, consult with a qualified estate planning attorney.