The Importance of An Estate Plan If You Have Young Children

Yesterday’s post got me thinking more about why it’s important to have a plan in place if you have young children.

Estate planning allows parents to plan for who will care for their children and how they are cared for, ensures their property will pass to whom they want, the way they want and when they want and determines who will handle the property they leave to their children.

Minors need parents, and if you pass away prior to your child turning 18, who will care for them?  If you don’t decide and document it in a plan, the court will decide for you.

If you have children, especially young children, here are a few things to think about:

  • Do you have clear instructions for the way you would like your guardian to raise your kids?
  • Do you have an emergency guardian in place in case of an accident?
  • Have you thought about leaving your property to your minor children?  Who will oversee their inheritance?
  • Your children, first and foremost, need food, clothing and shelter when you are gone.  Do they have access to their inheritance right away?
  • How will your children pay for college?
  • Will your children’s inheritance be protected from creditors, divorce and lawsuits?

These are only a few of the important issues that parents with young children face.

Posted by Troy M. Sullivan

The Sullivan Firm

 

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